OECD Economic Outlook, Volume 2022 Issue 2
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The global economy is facing mounting challenges amidst the largest energy market shock since the 1970s and the cost-of-living crisis for many households from rising inflation pressures. The OECD Economic Outlook, Volume 2022 Issue 2 highlights the unusually imbalanced and fragile outlook, the significant downside risks associated with energy market developments and rising financial vulnerabilities as interest rates are raised, and the associated policy challenges. Well-designed and timely policy actions are required to maintain economic stability, enhance energy security and strengthen the prospects for future growth.
This issue includes a general assessment of the macroeconomic situation, and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Also available in: French
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Mainland GDP growth is projected to slow to 0.7% in 2023 but rebound to 1.3% in 2024. Broad-based increases in prices will weigh on private consumption and investment. Even though headline inflation will ease as energy prices stabilise, helping domestic demand to recover, underlying price pressures will persist. The unemployment rate will increase on the back of a softening economy, but the labour market will remain tight, putting pressure on wages.
Also available in: French
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