OECD Economic Outlook, Volume 2023 Issue 1
A long unwinding road
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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
Ukraine
After a sharp contraction in the first year of the war, economic activity is stabilising. The business sector is adapting to the war conditions, allowing for an expansion of production. Exports are benefitting from closer trade ties with the European Union and the “Black Sea Grain Initiative” that permits agricultural exports from otherwise blocked ports. Inflation is projected to moderate helped by lower food and energy prices. The economy remains highly dependent on international financial assistance.
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