RT.com
25 Nov 2022, 04:14 GMT+10
Group warns of a "period of pronounced weakness" in the single-currency area
Increased energy prices are taking a heavy toll on the world economy, particularly in the Eurozone, the Organization for Economic Cooperation and Development (OECD) warned on Tuesday.
According to its report, the worst energy crisis since the 1970s will trigger a sharp slowdown worldwide, with the euro area hit the hardest.
The OECD forecasts that global economic growth will slow from 3.1% this year to 2.2% in 2023, before accelerating to 2.7% in 2024.
"We are not predicting a recession, but we are certainly projecting a period of pronounced weakness," OECD chief Mathias Cormann was quoted as saying by Reuters.
The 19-country Eurozone economy was projected to grow 3.3% this year then slow to 0.5% in 2023, before recovering to expand by 1.4% in 2024. That is slightly better than in the OECD's September outlook, when it estimated growth of 3.1% this year and 0.3% in 2023.
The OECD predicts a contraction of 0.3% next year in euro area powerhouse Germany, whose industry-driven economy is highly dependent on energy imports from Russia.
The French economy, which is far less dependent on Russian gas and oil, is expected to grow 0.6% next year. Italy's growth is projected at 0.2%, which means several quarterly contractions are probable.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of South America Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to South America Times.
More InformationRAMALLAH, Wet Bank - A two-and-a-half-year-old Palestinian boy shot in the head by Israeli troops has died in hospitalThe boy, ...
NEWARK, New Jersey: Six years after his 2016 presidential campaign failed to succeed, Chris Christie, former New Jersey Governor, will ...
TOKYO, Japan: To counter the declining national birthrate, Japan's Prime Minister Fumio Kishida pledged to double spending over the next ...
WASHINGTON D.C.: Reuters has reported that on 7th June, former Vice President Mike Pence will enter the race for the ...
PYONGYANG, North Korea: North Korea attempt failed to launch a satellite on May 31, which prompted raid sirens and a ...
HONG KONG, China: Describing the lack of women in China's top leadership as concerning, the United Nations has recommended the ...
© Provided by Xinhua TEGUCIGALPA, June 5 (Xinhua) -- The People's Republic of China officially inaugurated its embassy in the ...
Paramaribo [Suriname], June 6 (ANI): President Droupadi Murmu is scheduled to pay tribute to the statue of Mahatma Gandhi in ...
No. 6 seed Holger Rune of Denmark survived a five-set thriller against No. 23 seed Francisco Cerundolo 7-6 (3), 3-6, ...
Tegucigalpa, Honduras - China officially inaugurated its embassy in Honduras on Monday, just weeks after the Central American country switched ...
Matthew Wolff withdrew from his U.S. Open qualifier Monday in Boynton Beach, Fla., as speculated persisted about his future with ...
The San Francisco Giants are probably fine with heading out of town for a few days. The Giants wrapped up ...