RT.com
24 Nov 2022, 17:43 GMT+10
The world is grappling with an ?unprecedented energy shock,? the OECD says
Increased energy prices are taking a heavy toll on the world economy, which will worsen if EU gas storage facilities run short, 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 Europe 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 Baton Rouge Post 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 Baton Rouge Post.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
Chinese FM urges China, France to uphold multilateralism, rules of free trade China and France should champion multilateralism and...
Green Party lawmakers reportedly want to spend at least 8.5 billion on weapons for Kiev A group of German lawmakers from the Green...
Kabul could become the worlds first capital to run out of water completely, experts say, blaming the crisis on rapid population growth,...
Birmingham [UK], July 6 (ANI): Indian bowling coach Morne Morkel hailed skipper Shubman Gill after a record-breaking outing at Birmingham,...
The party believes the criticism of the notorious Soviet leader by his successor Nikita Khrushchev was politically motivated ...