The OECD has slightly downgraded its forecasts for Australia’s growth in its latest look at how the global economy is faring.
Australia’s growth outlook still subdued: OECD
Australia’s growth outlook remains muted as the war in Ukraine, sky-high inflation and the slowdown in China weigh on economies around the world.
The Organisation for Economic Co-operation and Development has downgraded Australia’s growth forecasts a touch in its interim outlook report.
Since November, the organisation has revised Australia’s 2023 growth projection down from 1.9 per cent to 1.8 per cent and from 1.6 per cent to 1.5 per cent in 2024.
Globally, the growth outlook has improved a little, with the OECD expecting growth to pick up to 2.6 per cent in 2023 and then 2.9 per cent in 2024.