Summary
The Organization for Economic Cooperation and Development (OECD) has revised its 2023 global economic growth forecast to 3.2%, which is higher than expected despite concerns over the impact of trade barriers. The U.S. economy is projected to grow by 2% in 2023, with significant investments in artificial intelligence contributing to this resilience.
Key Facts
- The OECD predicts the global economy will grow 3.2% in 2023.
- This forecast is slightly lower than the 3.3% projected for 2024 but higher than an earlier 2.9% estimate.
- U.S. economic growth is expected to reach 2% in 2023, an increase from a 1.6% forecast in June.
- President Trump's trade policies, including tariffs, have been less severe than initially planned.
- Many companies imported goods before tariffs took effect, reducing their impact.
- Investments in artificial intelligence are boosting both the U.S. and global economies.
- China's economy is projected to grow by 5% in 2023, maintaining the same rate as in 2024.
- The eurozone's economy is expected to expand by 1.3% in 2025, up from 0.8% in 2024.
