OECD Economic Outlook, Volume 2023 Issue 1
A long unwinding road
Global economic developments have begun to improve, helped by lower energy prices, improving business and consumer sentiment, and the reopening of China. However, the OECD Economic Outlook highlights that the upturn is fragile and the recovery is set to remain weak by past standards, with the effects of tighter monetary policy increasingly being felt. The Outlook underlines a range of risks, including the possibility that inflation could prove more persistent than projected and that the impact of higher interest rates on financial markets and economic activity could be stronger than expected. Well-calibrated policy measures are required to unwind the impact of the recent sequence of negative shocks to the global economy, restore economic stability, and strengthen prospects for strong, inclusive and sustainable improvements in living standards.
This issue includes an assessment of the global economic situation, a chapter on promoting gender equality to strengthen economic growth and resilience 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
Switzerland
The economy is projected to grow by 0.6% in 2023 and 1.2% in 2024. Tighter financial conditions, subdued economic sentiment and heightened inflation will moderate household consumption and private investment. Geopolitical tensions and elevated uncertainty will reduce trade. Headline inflation will remain above the Swiss National Bank’s target range of 0-2% in 2023, before moderating towards the end of that year. Financial market stress, house price corrections and a further weakening of foreign demand are key downside risks to activity.
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