The Organization for Economic Co-operation and Development (OECD) has warned that central banks raising interest rates may be painful, but it is necessary to curb inflation.
In its latest economic outlook report, the organization raised its forecast for global economic growth in 2023 to 3 percent, from 2.7 percent in June. The organization predicted a slowdown in the global economy in 2024 to 2.7 percent, the lowest rate of global growth since the global financial crisis, except in 2020, when the COVID-19 pandemic hit the economy.
The report showed that inflation rates in Britain will remain the highest among major economies in 2023 at 7.2 percent. After a stronger-than-expected start to 2023, helped by lower energy prices and the reopening of China's economy, global growth is expected to moderate again.
Source (Al-Arabiya.net Website, Edited)
