OECD increased Spain’s growth forecast for this year to 2.3 percent

The OECD estimate is higher than the European Commission’s estimate (1.9%) but lower than the International Monetary Fund’s estimate (2.5%). For next yearthis body predicts this Spain’s GDP will increase by 1.9%. This means it did not change its previous forecast, announced in June. In the global situation of persistent inflation and a slowing of the post-pandemic recovery, Spain’s GDP remains better than that of its major European neighbors.

Economic slowdown

If the growth forecast is higher than the Eurozone average (0.6%). It is clearly above the forecasts for France (1%), Italy (0.8%) and Italy (0.8%). Germany (-0.2%). Remains the main economic power of the Old Continent most affected by the situation inflation And ukraine war and will experience negative growth. This situation also has repercussions on other European countries that are suffering the most among the G20 great powers. In fact, the OECD is lowering its 2024 forecasts for most: 0.8% in Italy, 0.9% in Germany and 1.2% in France.

After a better-than-expected start to 2023, helped by a decline in energy prices and the reopening of China. We now foresee a more moderate global growth”says the OECD in its report consisting of 38 countries, the vast majority of which are Western. After world GDP grows by 3.3% in 2022, this organization has predictions for this year 3% global growth —three-tenths more than the previous estimate—and 2.7% in 2024, two-tenths less than the June estimate.

“Consumer confidence is decreasing”

This is one of the keys to the global slowdown permanent inflation. The OECD acknowledges that although the rise in prices will moderate, it will “remain above central bank targets in most economies.” Inflation is expected in G20 countries 6% this year This plays into “tight monetary policies” that are “increasingly effective” and “reduces consumer and business confidence.”

Despite these economic clouds, OECD Improved its forecast for the US by six tenthsthe world’s largest economic power. It expects U.S. GDP to grow more this year (2.2%) than last year (2.1%). The outlook for China, the second economic power, worsens by three tenths, with an increase in GDP of 5.1% this year and 4.6% in 2024 expected. According to the OECD, the Asian giant is suffering due to its existing real estate crisis.

And in this case Russia, the body’s hopes increase. Russia’s GDP, which shrank by 2 percent in 2022 due to sanctions imposed by the West in response to the war in Ukraine, will grow by 0.8 percent this year and 0.9 percent in 2024. Levels similar to those in the Eurozone (1.1%).