Jakarta –
Economy The world is expected to face its worst crisis next year. In fact, this is the worst since the 70s. As quoted by Reuters, there will be an economic slowdown and Europe is one of the hardest hit countries.
Indeed, fighting inflation is currently one of the great tasks for policy makers. The OECD forecasts world economic growth of less than 3.1%, lower than previous estimates.
In the projection, economic growth could reach 2.2% next year and 2.7% in 2022. “We do not expect a recession, but we project a weakening of the economy,” said OECD chief Mathias Cormann, quoted by Reuters, Tuesday (22/11/2022).
Europe will be a country under great pressure. Furthermore, the outbreak of war between Russia and Ukraine has also disrupted commercial activities and pushed up energy prices.
He explained that the economies of the 19 eurozone countries will grow by 3.3% this year. So next year it is expected to slow down to 0.5% and 1.4% in 2024.
The OECD expects an economic contraction of up to 0.3% to occur in Germany. Germany is a country whose economy is supported by exports to Russia.
The economy in France is also said to be slightly better than Germany’s. France is not dependent on gas and oil supplies from Russia and is expected to grow by 0.6% next year.
So the United States (US) economy is said to still grow 0.5% in 2023 and 1% in 2024. The OECD previously estimated that this economic growth would be only 1.5% in 2024. 2022.
China, which is the country with the largest economy, is said to experience economic growth of 4.6% and then 4.1% in 2021.
(kilo/hn)
