New growth forecasts from OECD

The Organization for Economic Cooperation and Development (OECD) issued an Economic Outlook report for September 2023 today at 10:00 am BST. Report included new economic growth forecasts for economies from all around the world. Global economy is seen growing by 3.0% in 2023, slightly faster than previously expected. However, growth forecast for 2024 was revised lower and it is the case for many major economies in new OECD report. India is still expected to achieve the highest pace of growth among major economies with GDP growing by 6.3% in 2023 and 6.0% in 2024. US and Eurozone economies are expected to grow slightly faster than predicted in the June report while Chinese growth was revised lower.

Overall, report did not show any massive or unexpected revision and was overlooked by the markets, which stay focused on central bank decisions scheduled for the later part of the week.

2023 GDP growth forecasts

• Global: 3.0%, up from 2.7% previously
• US: 2.2%, up from 1.6% previously
• China: 5.1%, down from 5.4% previously
• India: 6.3%, up from 6.0% previously
• Eurozone: 0.6%, down from 0.9% previously
• Japan: 1.8%, up from 1.3% previously
• Germany: -0.2%, down from 0.0% previously
• G20: 3.1%,
• G20 advanced economies 1.5%
• G20 emerging economies: 4.5%

2024 GDP growth forecasts

• Global: 2.7%, down from 2.9% previously
• US: 1.3%, up from 1.0% previously
• China: 4.6%, down from 5.1% previously
• India: 6.0%, down from 7.0% previously
• Eurozone: 1.1%, down from 1.5% previously
• Japan: 1.0%, down from 1.1% previously
• Germany: 0.9%, down from 1.3% previously
• G20: 2.7%
• G20 advanced economies: 1.2%
• G20 emerging economies: 3.9%