World Bank and OECD raise global economic growth target for 2023

International Business News  –  On June 6, the World Bank announced that it had raised its forecast for global real economic growth in 2023 to 2.1% from 1.7% in January. Against the backdrop of sharply tightening monetary policy in the US and Europe, the global economy maintained its slowdown from 3.1% in 2022.

The World Bank raised its growth forecast for 2023 to 1.1 percent for the United States and 0.4 percent for the euro area. Japan revised down 0.2 percentage points to 0.8 percent, while China revised up to 5.6 percent.

On June 7, the Organization for Economic Cooperation and Development (OECD) released its World Economic Outlook, which predicts that the world economy will grow by 2.7% in real terms in 2023.

OECD forecasts global growth of 2.7 percent in 2023, 1.6 percent for the United States, 0.9 percent for the euro area, 5.4 percent for China and 1.3 percent for Japan.

According to the OECD, “the bulk of global economic growth in 2023-2024 will continue to come from Asia.”

Emerging economies such as China, India, Bangladesh, Vietnam and Indonesia are still the main growth areas for Asian economies.