OECD Raises 2024 Global Growth Forecast to 3.2 Pct
Paris, Sept. 25 (Jiji Press)--The Organization for Economic Cooperation and Development on Wednesday raised its global economic growth forecast for 2024 by 0.1 percentage point to 3.2 pct, while projecting the Japanese economy to contract 0.1 pct in the year.
The OECD expects global demand to remain solid thanks to slowing inflation, improving real incomes and interest rate cuts by central banks.
In its latest Economic Outlook report, the OECD estimated global economic growth at 3.2 pct for 2025. In 2023, the global economy grew 3.1 pct.
For Japan, the OECD lowered its 2024 growth estimate to negative 0.1 pct from positive 0.5 pct. The Japanese economy expanded 1.7 pct in 2023 but shrank in January-March 2024, partly due to the impact of the Noto Peninsula earthquake on Jan. 1.
Still, the OECD expects the Japanese economy to grow 1.4 pct in 2025, as inflation-adjusted real wages are rising, thanks to wage hikes and solid bonuses.
(2024/09/25-18:18)
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