the organization for Economic Cooperation and Development (OECD) on Wednesday made Turkey’s upward revisions growth Inflation expectations for this is year While I warned that world economy will pay ‘huge price” for Russia invasion of Ukraine reduced 2022 growth Climate prediction.
Based in Paris policy The forum that monitors and advises its 38 members countriesto update its system for 2022 growth Climate forecast for Turkey from 3.3% to 3.7%. anticipation for 2023, meanwhile, was reduced From 3.9% to 3%.
The Organization for Economic Cooperation and Development reported that after the strong recovery in 2021, growth will remain Moderate in drop period.
“Inflation is too high and declining Consumer confidence will limit consumer spending. Investments will be held back geopolitical factors and uncertainty in financial the conditions ” also He said.
Indicating that cash support policy together with Rising commodity and food prices will keep consumer inflation above 70%. in Turkey, through this year, has revised its average inflation forecast sharply upwards. Accordingly, the average consumer price Climate forecast for this is year Raised from 23.9% to 72.0% and expectations for 2023 increased from 21.7% to 38.9%.
The Organization for Economic Co-operation and Development lowered unemployment rate anticipation for 2022 From 12.5% to 11.8% and from 12.6% to 11.8% for 2023.
The Organization for Economic Co-operation and Development is latest Foundation for prediction less global GDP growth growth Because of the conflict between Russia and Ukraine, which led to rising food and energy prices.
He Said global GDP will grow by 3% in 2022 – down Sharply from the estimated 4.5% in Dec.
Organization for Economic Cooperation and Development also doubled her expectations for Inflation among its members – from the US to Australia, Japan, Latin America and countries of Europe – to 8.5% highest level since 1988.
“The world he is set to pay exorbitant sums price for Russia’s war against Ukraine ”, wrote the chief economist and deputy OECD secretary-generalLawrence Boone, adding that “a humanitarian crisis is unfolding before us eyes. “
“To what extent growth will be lower and inflation higher will depend on how War is evolving, but it is clear will be the poorest hit Boone said.
“The price of This war is high and will need to be joint.”
Before the outbreak of the war outThe outlook looked “widespread favourable”. for 2022-23, with growth Inflation is expected to return to normal after the devastating COVID-19 pandemic, the OECD said.
However, the ” invasion of Ukraine, along with Closure in Major cities and ports in China because of zeroCorona virus disease policygenerated a file new set of adverse shocks.
Food shortage risk
The Organization for Economic Co-operation and Development was supposed to publish its forecasts in March, but delayed its detailed evaluation until now due to uncertainty over the war. She said at the time that the conflict could end global Gross domestic product growth by “over one percentage point.”
The World Bank revised its own numbers on Tuesday, lower global growth Expected from 4.1% to 2.9%. The International Monetary Fund lowered its forecast by nearly one point to 3.6% in April.
The Organization for Economic Co-operation and Development cut off growth Climate forecast for The United States from 3.7% to 2.5% and that of China world’s second The largest economy, from 5.1% to 4.4%. Eurozone GPD is now seen growing by 2.6% instead of 4.3% while the outlook for Britain was lowered to 3.6% from 4.7%.
The Organization for Economic Co-operation and Development noted that commodity prices have risen significantly real Income and spending”, in particular for most vulnerable families.
In many emerging countries-market Risk Economics of Food shortage is high considering dependence on Agricultural exports from Russia and Ukraine.
The report warned that “the effects of of the war in Ukraine might be bigger than it was supposed to,” as an example of that scenario of Russia cutting Gas supplies to Europe.
The report indicated sharp increases as central banks tightened their monetary policies to counter inflation in Interest rates can also hit growth more than expected.
COVID-19 risk
Meanwhile, the COVID-19 pandemic could take another turn for the worst. “new more Aggressive or infectious variants may appear, during application of zeroCOVID Policies in big economies like China has the ability to sap global demand and disable display for “Some time to come,” the OECD said.
Face with these challengesGovernments need to protect the most vulnerable from economic shocks, that added.
Briefly term’Temporary, timely and well-directed’ financial measures help The poorest families, the Organization for Economic Co-operation and Development said.
In the medium and long term-termgovernments will have to invest more in clean energy and defense spending.
“The world he is already pay the price for “Russia’s aggression,” Boone wrote.
Options made by policy makers and citizens will be critical in determining how who – which price It will be distributed via people And the countries. “
the organization for Economic Cooperation and Development (OECD) on Wednesday made Turkey’s upward revisions growth Inflation expectations for this is year While I warned that world economy will pay ‘huge price” for Russia invasion of Ukraine reduced 2022 growth Climate prediction.
Based in Paris policy The forum that monitors and advises its 38 members countriesto update its system for 2022 growth Climate forecast for Turkey from 3.3% to 3.7%. anticipation for 2023, meanwhile, was reduced From 3.9% to 3%.
The Organization for Economic Cooperation and Development reported that after the strong recovery in 2021, growth will remain Moderate in drop period.
“Inflation is too high and declining Consumer confidence will limit consumer spending. Investments will be held back geopolitical factors and uncertainty in financial the conditions ” also He said.
Indicating that cash support policy together with Rising commodity and food prices will keep consumer inflation above 70%. in Turkey, through this year, has revised its average inflation forecast sharply upwards. Accordingly, the average consumer price Climate forecast for this is year Raised from 23.9% to 72.0% and expectations for 2023 increased from 21.7% to 38.9%.
The Organization for Economic Co-operation and Development lowered unemployment rate anticipation for 2022 From 12.5% to 11.8% and from 12.6% to 11.8% for 2023.
The Organization for Economic Co-operation and Development is latest Foundation for prediction less global GDP growth growth Because of the conflict between Russia and Ukraine, which led to rising food and energy prices.
He Said global GDP will grow by 3% in 2022 – down Sharply from the estimated 4.5% in Dec.
Organization for Economic Cooperation and Development also doubled her expectations for Inflation among its members – from the US to Australia, Japan, Latin America and countries of Europe – to 8.5% highest level since 1988.
“The world he is set to pay exorbitant sums price for Russia’s war against Ukraine ”, wrote the chief economist and deputy OECD secretary-generalLawrence Boone, adding that “a humanitarian crisis is unfolding before us eyes. “
“To what extent growth will be lower and inflation higher will depend on how War is evolving, but it is clear will be the poorest hit Boone said.
“The price of This war is high and will need to be joint.”
Before the outbreak of the war outThe outlook looked “widespread favourable”. for 2022-23, with growth Inflation is expected to return to normal after the devastating COVID-19 pandemic, the OECD said.
However, the ” invasion of Ukraine, along with Closure in Major cities and ports in China because of zeroCorona virus disease policygenerated a file new set of adverse shocks.
Food shortage risk
The Organization for Economic Co-operation and Development was supposed to publish its forecasts in March, but delayed its detailed evaluation until now due to uncertainty over the war. She said at the time that the conflict could end global Gross domestic product growth by “over one percentage point.”
The World Bank revised its own numbers on Tuesday, lower global growth Expected from 4.1% to 2.9%. The International Monetary Fund lowered its forecast by nearly one point to 3.6% in April.
The Organization for Economic Co-operation and Development cut off growth Climate forecast for The United States from 3.7% to 2.5% and that of China world’s second The largest economy, from 5.1% to 4.4%. Eurozone GPD is now seen growing by 2.6% instead of 4.3% while the outlook for Britain was lowered to 3.6% from 4.7%.
The Organization for Economic Co-operation and Development noted that commodity prices have risen significantly real Income and spending”, in particular for most vulnerable families.
In many emerging countries-market Risk Economics of Food shortage is high considering dependence on Agricultural exports from Russia and Ukraine.
The report warned that “the effects of of the war in Ukraine might be bigger than it was supposed to,” as an example of that scenario of Russia cutting Gas supplies to Europe.
The report indicated sharp increases as central banks tightened their monetary policies to counter inflation in Interest rates can also hit growth more than expected.
COVID-19 risk
Meanwhile, the COVID-19 pandemic could take another turn for the worst. “new more Aggressive or infectious variants may appear, during application of zeroCOVID Policies in big economies like China has the ability to sap global demand and disable display for “Some time to come,” the OECD said.
Face with these challengesGovernments need to protect the most vulnerable from economic shocks, that added.
Briefly term’Temporary, timely and well-directed’ financial measures help The poorest families, the Organization for Economic Co-operation and Development said.
In the medium and long term-termgovernments will have to invest more in clean energy and defense spending.
“The world he is already pay the price for “Russia’s aggression,” Boone wrote.
Options made by policy makers and citizens will be critical in determining how who – which price It will be distributed via people And the countries. “