(VOVWORLD) -Organization for Economic Co-operation and Development (OECD) said that the global economy has been and is on an improving track as the inflation shock has eased.
The OECD said in its updated economic outlook titled "A Fragile Recovery" that it now expects the global economy to grow by 2.6% this year compared to 2.2% in its previous forecast in November. But it remains under the 3.2% expansion seen in 2022.
According to the Paris-based organization, “more positive signs have now started to appear, with business and consumer sentiment starting to improve, food and energy prices falling back, and the full reopening of China."
OECD said that in 2024, global economic growth will likely reach 2.9%, higher than the forecast of 2.7% made in November 2022, as burden of soaring energy prices on households have eased.