oecd economic outlook, interim report

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interim economic outlook 112 handout oecd economic outlook, interim report paying the price of war september 2022 p a y in g t h e p r ic e o f w a r o e c d e co n o m ic o u tlo o k, in terim r ep o rt s ep tem b er 2022 oecd economic outlook, interim report paying the price of war september 2022 this work is published under the responsibility of the secretary-general of the oecd. the opinions expressed and arguments employed herein do not necessarily reflect the official views of the member countries of the oecd. this document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. the statistical …

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87/ae8c39ec-en. isbn 978-92-64-49204-2 (pdf) isbn 978-92-64-33796-1 (html) isbn 978-92-64-47332-4 (epub) oecd economic outlook issn 0474-5574 (print) issn 1609-7408 (online) photo credits: cover © stramp/shutterstock.com. corrigenda to publications may be found on line at: www.oecd.org/about/publishing/corrigenda.htm. © oecd 2022 the use of this work, whether digital or print, is governed by the terms and conditions to be found at https://www.oecd.org/termsandconditions.  3 oecd economic outlook, interim report september 2022 © oecd 2022 summary  the global economy has been hit by russia’s invasion of ukraine. global economic growth stalled in the second quarter of 2022, and indicators in many economies now point to an extended period of subdued growth.  the war has pushed up energy and food prices substantially, aggravating inflationary pressures at a time when the cost of living was already rising rapidly around the world.  global growth is projected to slow from 3% in 2022 to 2¼ per …

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to 4% in 2023.  significant uncertainty surrounds the projections. more severe fuel shortages, especially for gas, could reduce growth in europe by a further 1¼ percentage points in 2023, with global growth lowered by ½ percentage point, and raise european inflation by over 1½ percentage points.  further interest rate increases are needed in most major economies to anchor inflation expectations and ensure that inflation pressures are reduced durably.  fiscal support is needed to help cushion the impact of high energy costs on households and companies. however, this should be temporary, concentrated on the most vulnerable, preserve incentives to reduce energy consumption and be withdrawn as energy price pressures wane.  short-term fiscal actions to cushion living standards should take into account the need to avoid a further persistent stimulus at a time of high inflation and ensure fiscal sustainability.  governments need to ensure that the goals …

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2022. 1. the european union is a full member of the g20, but the g20 aggregate only includes countries that are also members in their own right. 2. spain is a permanent invitee to the g20. 3. fiscal years, starting in april. source: interim economic outlook 112 database; and economic outlook 111 database. 2021 interim eo projections difference from june eo interim eo projections difference from june eo world 5.8 3.0 0.0 2.2 -0.6 g20¹ 6.2 2.8 -0.1 2.2 -0.6 australia 4.9 4.1 -0.1 2.0 -0.5 canada 4.5 3.4 -0.4 1.5 -1.1 euro area 5.2 3.1 0.5 0.3 -1.3 germany 2.6 1.2 -0.7 -0.7 -2.4 france 6.8 2.6 0.2 0.6 -0.8 italy 6.6 3.4 0.9 0.4 -0.8 spain² 5.5 4.4 0.3 1.5 -0.7 japan 1.7 1.6 -0.1 1.4 -0.4 korea 4.1 2.8 0.1 2.2 -0.3 mexico 4.8 2.1 0.2 1.5 -0.6 türkiye 11.0 5.4 1.7 3.0 0.0 united kingdom 7.4 …

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euro area 2.6 8.1 1.1 6.2 1.6 germany 3.2 8.4 1.2 7.5 2.8 france 2.1 5.9 0.7 5.8 1.3 italy 1.9 7.8 1.5 4.7 0.9 spain² 3.0 9.1 1.0 5.0 0.2 japan -0.2 2.2 0.3 2.0 0.1 korea 2.5 5.2 0.4 3.9 0.1 mexico 5.7 7.9 1.0 4.9 0.5 türkiye 19.6 71.0 -1.0 40.8 1.9 united kingdom 2.6 8.8 0.0 5.9 -1.5 united states 3.9 6.2 0.3 3.4 -0.1 argentina 50.9 92.0 31.9 83.0 32.4 brazil 8.3 10.8 1.1 6.6 1.3 china 0.8 2.2 0.2 3.1 0.1 india³ 5.5 6.7 0.0 5.9 -0.6 indonesia 1.6 4.1 0.3 3.9 0.1 russia 6.7 13.9 -2.3 6.8 -6.5 saudi arabia 3.1 2.5 0.3 3.2 0.5 south africa 4.6 6.7 0.7 5.9 0.1 2022 2023 6  oecd economic outlook, interim report september 2022 © oecd 2022 table 3. oecd interim economic outlook core inflation projections september 2022 core inflation, per cent note: difference …

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interim economic outlook 112 handout oecd economic outlook, interim report paying the price of war september 2022 p a y in g t h e p r ic e o f w a r o e c d e co n o m ic o u tlo o k, in terim r ep o rt s ep tem b er 2022 oecd economic outlook, interim report paying the price of war september 2022 this work is published under the responsibility of the secretary-general of the oecd. the opinions expressed and arguments employed herein do not necessarily reflect the official views of the member countries of the oecd. this document, as well as any data and map included herein, are without …

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