(VOVWORLD) -The Organization for Economic Cooperation and Development (OECD) upgraded its growth forecast for the global economy from 2.7% late last year to 2.9% this year, although it pointed to the Red Sea attacks and a widening Middle East conflict as risks.
 A cargo port in Guangdong, China (Photo: AFP/VNA) |
Global growth is expected to slow to 2.9% in 2024 from 3.1% in 2023, before bouncing back to 3% in 2025, the OECD said Monday.
It revised up its global economic growth forecast due to an optimistic outlook for the US economy offsetting the gloomy economic outlook of the Eurozone.
The OECD predicted US economic growth will be 2.1% this year and 1.7% next year, with cooling inflation helping wages to increase and boosting the Federal Reserve. China's economic growth for 2024 and 2025 is expected to be 4.7% and 4.2%.