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Organization for Economic Cooperation and Development (OECD) Secretary-General Mathias Cormann and OECD Chief Economist Clare Lombardelli present the organisation's updated global economic outlook, in Paris, on June 7, 2023. /CFP
The Organization for Economic Cooperation and Development (OECD) slightly nudged up its 2023 world GDP growth forecast to 2.7 percent on Wednesday, as inflation eased and China's reopening provided a boost to the global economy, but warned that global recovery faces a "long unwinding road."
The global economy has begun to improve, as lower energy prices are easing the strain on household budgets, business and consumer sentiment are recovering, and China's restart has provided a boost to global activity, according to the OECD's latest twice-a-year outlook report.
The OECD forecasts an economic expansion of 2.7 percent for the year globally, up from a 2.6-percent projection in its previous report in March.
China is expected to see the sharpest positive shift in growth between 2022 and 2023 of any G20 economy, largely on account of the lifting of the government's "zero-COVID" policy. China's GDP growth is projected to rise to 5.4 percent in 2023, the report said.
However, the global economic forecast is still below the 2022 growth rate of 3.3 percent, the lowest annual rate since the 2008-2009 global financial crisis with the exception of the pandemic-hit year of 2020, the report showed.
The organization warned the upturn remains fragile and risks are tilted to the downside, noting the uncertainty over the evolution of the Russia-Ukraine conflict and the persistence of inflation.
"The global economy is turning a corner but faces a long road ahead to attain strong and sustainable growth," OECD Chief Economist Clare Lombardelli wrote in the OECD's report.
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