PARIS (Reuters) – The unexpected strength of the American economy will support global growth dynamics this year but the slowdown observed in China weighs on the outlook for next year, the Organization for Economic Co-operation and Development said on Tuesday (OECD).
After growing by 3.3% last year, global gross domestic product (GDP) is expected to grow by 3% this year, according to the latest forecasts from the OECD, which previously expected growth of 2.7%.
Global growth is expected to slow to 2.7% in 2024, below the June forecast (+2.9%).
The United States should post economic growth of 2.2% this year, estimates the OECD, which has significantly revised its forecast upwards compared to the 1.6% previously envisaged.
For 2024, American growth is expected at 1.3% compared to 1.0% forecast in June.
The solidity of the United States economy helps offset the weakness observed in China and the euro zone, particularly in Germany where a recession is expected.
The OECD forecasts an increase of 5.1% in Chinese GDP in 2023 and 4.6% next year, compared to previous forecasts of 5.4% and 5.1% respectively.
The organization also lowered its growth forecasts for the euro zone, to 0.6% this year against 0.9% previously expected, and to 1.1% for 2024 against 1.5% forecast in June.
Germany is expected to record a contraction of 0.2% in its GDP this year, before rebounding to +0.9% in 2024.
For France, the OECD raised its growth forecast for 2023 to 1% – the same level expected by the government – but lowered it to 1.2% for next year (compared to +1.3% before ).
(Written by Leigh Thomas, Blandine Hénault for the , edited by Bertrand Boucey)
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