In its latest global economic outlook report, the OECD predicted India, China and Indonesia would top gross domestic product projections for 2023 and 2024.
The OECD added that looser monetary policy in the second half of next year will help household spending momentum return.
The report added that it expects OECD countries' average headline inflation to fall to 6.6% this year, after peaking at 9.4% in 2022.
'Fragile' improvementStill, the OECD warned the global economic recovery remains fragile as central banks continue to tighten monetary policy, which could lead to stress in financial markets.
Asia remains brightWhile the global economy could slow down further, Asia is expected to remain a bright spot as regional inflation is expected to remain "relatively mild," OECD says.
Persons:
Rashtrapati, Clare Lombardelli, Lombardelli, David Malpass
Organizations:
Rashtrapati Bhavan, Organization for Economic Cooperation, Development, OECD, India, World Bank
Locations:
India, New Delhi, Kriangkrai, China, Indonesia, Argentina, Turkey, United States, Ukraine, Asia, Japan