OECD cut China’s growth outlook in 2023, 24 to 5.1% and 4.6%
MACRO VIEWS & ANALYSIS
OECD cut China’s growth outlook in 2023, 24 to 5.1% and 4.6%
MACRO VIEWS & ANALYSIS

OECD cut China’s growth outlook in 2023, 24 to 5.1% and 4.6%

 

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The OECD raised the global economic growth forecast for 2023 from 2.7% to 3%, citing the stronger-than-expected US economy.

However, as the weakening of the Chinese economy will likely weigh on the global economic outlook in 2024, the global economic growth forecast for 2024 was lowered from 2.9% to 2.7%, it said.

The OECD slashed the 2023-24 growth estimates for China to 5.1% and 4.6%, respectively, as the country’s growth momentum brought by the easing of the pandemic restrictions sputtered and its real estate market became embroiled in financial malaise.

It raised the forecast of US economic growth in 2023 to 2.2% from 1.6% and in 2024 to 1.3% from 1%.