OECD Economic Outlook, Volume 2023 Issue 1
A long unwinding road
![image of OECD Economic Outlook, Volume 2023 Issue 1 image of OECD Economic Outlook, Volume 2023 Issue 1](https://assets.oecdcode.org/covers/100/ce188438.jpg)
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
Estonia
The Estonian economy is expected to contract by 1.3% in 2023 before expanding by 3.2% in 2024, helped by lower energy prices. Inflation will fall to around 5% by the end of this year and continue to ease in 2024. Private consumption will remain subdued as real incomes remain under pressure. With higher interest rates, house prices are declining and housing investment is weak. Stronger external demand will support the initial recovery. The main risks are instability in energy prices and the uncertain impact of Russia’s war of aggression against Ukraine.
Also available in: French
- Click to access:
-
Click to download PDF - 425.01KBPDF