The global economy faces significant challenges as severe energy crisis pushed up inflation and lowered economic growth all around the globe, necessitating policy actions to combat inflation and targeted fiscal support to vulnerable section, the Organisation for Economic Co-operation and Development said in its Economic Outlook released Tuesday.
The Paris-based OECD forecast global growth to ease to 2.2 percent next year from 3.1 percent in 2022. In 2024, growth is projected to be 2.7 percent, helped by initial steps to ease policy interest rates. For global economy, Asia will be the main growth engine in 2023 and 2024, while growth will be very low in Europe, North America and South America, the agency observed. The OECD advised central banks to tighten their policy where inflation remains high and broad-based. Fiscal support to shield families and firms from the energy shock should be targeted and temporary, the report said.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.