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OECD predicts slower global growth for 2024

The global economy is expected to slow down slightly next year as a result of tightening monetary policies, weak trade and lower business and consumer confidence, the Organization for Economic Cooperation and Development (OECD) said Wednesday.

Its latest economic outlook report projected the global GDP growth at 2.9 percent in 2023, followed by a mild slowdown to 2.7 percent in 2024 and a slight improvement to 3 percent in 2025.

Asia is expected to continue to account for the bulk of the global growth in 2024-25, as it does in 2023, the report said. ■

Famagusta Gazette