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OECD cuts world growth outlook

Date: 03 December 2021 Tags: Reports & Indices
  • The Organisation for Economic Co-operation and Development (OECD) warned that the Omicron variant threatens the global economic recovery as it lowered the growth outlook for 2021 and appealed for a swifter roll-out of COVID vaccines.
  • The global economy is now expected to expand by 5.6% this year, down from an earlier forecast of 5.7%. Its forecast for 2022 remains unchanged at 4.5%.
  • Organisation for Economic Co-operation and Development said the global recovery is continuing to progress. But it warned that it has lost momentum and is becoming increasingly stagnant.