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☆ Global Growth Forecast Is Lifted but Risks Loom, O.E.C.D. Says
▼ + stars: | 2024-05-02 | by ( Liz Alderman | More About Liz Alderman | ) www.nytimes.com time to read: +1 min

In the United States, the Federal Reserve left interest rates steady on Wednesday, citing wariness about how stubborn inflation was proving. Even so, the United States is expected to remain an engine of global growth this year, expanding at a 2.6 percent pace, the O.E.C.D. Both the euro currency bloc and Britain ended 2023 in recession, deepened by record high interest rates deployed by the European Central Bank and the Bank of England to help fight inflation. The outlook should improve next year, as high interest rates come down, unleashing more spending by businesses and households. forecast the eurozone economy to expand at 1.5 percent in 2025, more than double the expected growth rate this year.

Persons: “ We’ve, Clare Lombardelli, Lombardelli Organizations: Federal Reserve, Britain, European Central Bank, Bank of England Locations: United States, Europe, Germany, Greece, Spain

☆ CNBC Daily Open: Wall Street rattled over Fed worries
▼ + stars: | 2024-02-06 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. About 97% of the oil produced today was discovered in the 20th century, she told CNBC. Clare Lombardelli, chief economist at the OECD, told CNBC that shipping-driven inflation pressures remain a risk rather than its base case. "It's the banks that made bad decisions that are making [other] banks look attractive in pricing," Smead told CNBC, who picked two bank stocks that are in play.

Persons: Jerome Powell, Dow, Vicki Hollub, Alex Karp, Clare Lombardelli, Cole Smead, Smead Organizations: Federal Reserve, New York Stock Exchange, CNBC, Street, U.S, Treasury, Nasdaq, Occidental, Organisation for Economic Co, OECD Locations: New York City, U.S

☆ Central banks are right to be cautious on rate cuts, OECD chief economist says
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentral banks are right to be cautious on rate cuts, OECD chief economist saysClare Lombardelli, chief economist at the Organisation for Economic Co-operation and Development, discusses the group's latest growth and inflation forecasts, and risks to the outlook from Red Sea tensions.

Persons: Clare Lombardelli Organizations: Organisation for Economic Co, Development

☆ Red Sea tensions risk significantly higher inflation, OECD warns
▼ + stars: | 2024-02-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

watch nowElevated shipping costs as a result of ongoing tensions in the Red Sea could impede the global fight against inflation, the Organisation for Economic Co-operation and Development said Monday. The Paris-based group estimates that the recent 100% rise in seaborne freight rates could increase import price inflation across its 38 member countries by nearly 5 percentage points if they persist. That could add 0.4 percentage points to overall price rises after a year, the OECD said in its latest economic outlook. Clare Lombardelli, chief economist at the OECD, told CNBC on Monday that a sustained increase in inflation as a result of the latest crisis is a risk, but not the group's base case. "It's something we're watching closely ... we have seen an increase in shipping prices, if that were to continue for for an extended period, then that would feed through into consumer price inflation.

Persons: Ahmed Gomaa, Clare Lombardelli, Lombardelli, Tiemen Meester, it's, Meester Organizations: Organisation for Economic Co, Development, OECD, Xinhua News Agency, Getty, CNBC Locations: Paris, Suez, Europe, Asia, Iran, Yemen, United States, Ismailia Province, Egypt, Good, Africa, Dubai

☆ U.S. economy looks headed for soft landing, but 'risks remain,' OECD says
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. economy looks headed for soft landing, but 'risks remain,' OECD saysClare Lombardelli, chief economist at the OECD, says the U.S. economy has so far been resilient and looks headed for a soft landing, though some potential risks remain.

Persons: Clare Lombardelli Organizations: U.S, OECD Locations: U.S

☆ Global growth to slow but avoid a hard landing -OECD
▼ + stars: | 2023-11-29 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth in advanced economies that make up the OECD's 38 members was seen headed for a soft landing, with the United States holding up better than expected so far. "Our central projections are for a soft landing, but that cannot be taken for granted," OECD chief economist Clare Lombardelli told a news conference. "Monetary policy needs careful calibration to bring inflation to targets while minimising the impact on growth. The OECD forecast U.S. growth would slow from 2.4% this year to 1.5% next year, revising up its estimates from September when it predicted U.S. growth of 2.2% in 2023 and 1.3% in 2024. Its growth was seen easing from 5.2% this year to 4.7% in 2024 - both marginally higher than expected in September - before slowing further in 2025 to 4.2%, the OECD forecast.

Persons: Vincent Alban, Clare Lombardelli, Lombardelli, Leigh Thomas, Christina Fincher, Catherine Evans Organizations: Shoppers, REUTERS, Rights, Organisation for Economic Cooperation, Development, OECD, Thomson Locations: Chicago , Illinois, U.S, Paris, United States, Germany, Japan

WASHINGTON (AP) — The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. The Paris-based Organization for Economic Cooperation and Development estimated Wednesday that international growth would slow to 2.7% in 2024 from an expected 2.9% pace this year. Despite the gloomier outlook, the organization is “projecting that recessions will be avoided almost everywhere,” OECD Secretary-General Mathias Cormann said at a news conference. The OECD foresees U.S. inflation dropping from 3.9% this year to 2.8% in 2024 and 2.2% in 2025, just above the Fed’s 2% target level. They have been hurt by heightened interest rates and by the jump in energy prices that followed Russia's invasion of Ukraine.

Persons: General Mathias Cormann, decelerate, —, “, we’ve, Clare Lombardelli, Courtney Bonnell Organizations: WASHINGTON, Economic Cooperation, Development, OECD, European Union, AP Locations: Paris, Israel, Ukraine, United States, China, U.S, European, Europe, Russia, Germany, London

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis.

Persons: Andrew Kelly, Peter Praet, Praet, Sophia Drossos, Daniel Ivascyn, Claudio Borio, Olivier Blanchard, Ray Dalio, Janet Yellen's, Yellen, Jim Leaviss, Giancarlo Giorgetti, Daleep Singh, Joe Biden, Britain's, Yellen's, Jonathan Portes, Clare Lombardelli, Moritz Kraemer, Yoruk Bahceli, Maria Martinez, Leigh Thomas, Giuseppe Fonte, Nell Mackenzie, Naomi Rovnick, William Schomberg, Jan Strupczewski, Dan Burns, Elisa Martinuzzi, Riddhima Talwani, Jayaram, Emelia Sithole Organizations: Financial, of, REUTERS, Institute of International Finance, Reuters, European Central Bank, ECB, Bank for International, Peterson Institute for International Economics, Associates, U.S . Treasury, Wall, Economy, Britain's Treasury, Congressional, Britain's, Institution, Reuters Graphics ACT, King's College London, Labour Party, OECD, Graphics, Thomson Locations: of Manhattan , New York City, U.S, Italy, Britain, United States, Europe, Ukraine, Berlin, Paris, Rome, London, Brussels, Washington, Marrakech

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis. Not enough reforms are being implemented, OECD chief economist Clare Lombardelli warned.

☆ Inflation is incredibly painful for consumers, so we're expecting consumption to moderate: OECD
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is incredibly painful for consumers, so we're expecting consumption to moderate: OECDClare Lombardelli, the chief economist of the OECD, predicts that unemployment will remain low despite tightening financial conditions.

Persons: OECD Clare Lombardelli Organizations: OECD Clare

☆ India predicted to outshine China as Asia remains a bright spot for global growth
▼ + stars: | 2023-06-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

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

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