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OPEC increases 2022 global growth forecast to 2.8%

13 December 2022 18:59 (UTC +04:00)

The Organization of Petroleum Exporting Countries (OPEC) said in its monthly report released on Tuesday that it now expects the global economy to grow by 2.8% in 2022 and by 2.5% in 2023. The 2022 figure marks a slight upward revision from its previous forecast, while the figure for 2023 is unchanged, APA reports citing Teletrader.

The US GDP growth was revised up to 1.7% for this year and was unchanged at 0.8% for 2023, while the Eurozone economy is still seen growing 3% in 2022 and 0.3% next year. China's economic growth outlook was also unchanged 3.1% in 2022 and at 4.8% for 2023, while the Russian economy is now seen contracting 5% this year and growing 0.2% next year.

The report stressed that the upward revisions resulted from "slightly better-than-expected" GDP reports in several economies but warned that risks to growth remain "skewed downward" due to high inflation, monetary tightening by central banks, supply chain issues and geopolitical uncertainty.