Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023.
That was the sobering forecast issued Tuesday by the Paris-based Organization for Economic Cooperation and Development. In the OECD’s estimation, the world economy will grow just 3.1 percent this year, down sharply from a robust 5.9 percent in 2021.
Next year, the OECD predicts, would be even worse: The international economy would expand only 2.2 percent.
“It is true we are not predicting a global recession,” OECD Secretary-General Mathias Cormann said at a news conference. “But this is a very, very challenging outlook, and I don’t think that anyone will take great comfort from the projection of 2.2 percent global growth.”
The OECD, made up of 38 member countries, works to promote international trade and prosperity and issues…
