RT.com
24 Nov 2022, 23:44 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 Birmingham News 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 Birmingham News.
More InformationNEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
Forget dtente, Moscow must fight to the end Many now speak of humanity's drift towards World War III, imagining events similar to...
London [UK], July 14 (ANI): England Test captain Ben Stokes classified tearaway Jofra Archer's blistering spell in the opening hour...
(Photo credit: Jack Gruber-Imagn Images) The Open Championship prize pool will remain at $17 million this week, the first time in...
New Delhi [India], July 14 (ANI): The prestigious Tennis tournament, Wimbledon, was full of on-court dramas and huge upsets with Iga...