Global economy will slow down next year : OECD

WASHINGTON : The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates.
The Paris-based Organization for Economic Cooperation and Development (OECD) estimated Wednesday that international growth would slow to 2.7% in 2024 from an expected 2.9% pace this year.

The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. The Paris-based Organization for Economic Cooperation and Development (OECD) estimated Wednesday that international growth would slow to 2.7% in 2024 from an expected 2.9% pace this year. That would amount to the slowest calendar-year growth since the pandemic year of 2020.

That would amount to the slowest calendar-year growth since the pandemic year of 2020.
A key factor is that the OECD expects the world’s two biggest economies, the US and China, to decelerate next year. The US economy is forecast to expand just 1.5% in 2024, from 2.4% in 2023, as the Federal Reserve’s interest rate increases – 11 of them since March 2022 – continue to restrain growth.