OECD raises global growth outlook for next year but warns of protectionism risk

• 🌎 Global growth forecast for 2024 at 3.2% (unchanged), 2025 at 3.3% (previously 3.2%), 2026 at 3.3%
• 🇺🇸 US growth forecast for 2024 at 2.8% (previously 2.6%), 2025 at 2.4% (previously 1.6%), 2026 at 2.1%
• 🇪🇺 Eurozone growth forecast for 2024 at 0.8% (previously 0.7%), 2025 at 1.3% (unchanged), 2026 at 1.5%
• 🇬🇧 UK growth forecast for 2024 at 0.9% (previously 1.1%), 2025 at 1.7% (previously 1.2%), 2026 at 1.3%
• 🇯🇵 Japan growth forecast for 2024 at -0.3% (previously -0.1%), 2025 at 1.5% (previously 1.4%), 2026 at 0.6%

Despite no change to the Eurozone forecast for next year, OECD does slash the outlook for the German economy to 0.7% from 1.1% previously. As for their overall view going into next year, OECD notes that “rising trade tensions and further moves towards protectionism might disrupt supply chains, raise consumer prices, and negatively impact growth”.

This article was written by Justin Low at www.forexlive.com.