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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

☆ 27% of jobs at high risk from AI revolution, says OECD
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 11 (Reuters) - More than a quarter of jobs in the OECD rely on skills that could be easily automated in the coming artificial intelligence revolution, and workers fear they could lose their jobs to AI, the OECD said on Tuesday. There is little evidence the emergence of AI is having a significant impact on jobs so far, but that may be because the revolution is in its early stages, the OECD said. Jobs at highest risk were defined as those using more than 25 of the 100 skills and abilities that AI experts consider can be easily automated. The survey covered 5,300 workers in 2,000 firms spanning manufacturing and finance across seven OECD countries. Despite the anxiety over the advent of AI, two-thirds of workers already working with it said that automation had made their jobs less dangerous or tedious.

Persons: General Mathias Cormann, Leigh Thomas, Emma Rumney Organizations: Economic Co, Development, OECD, Reuters, Thomson Locations: Mexico, Estonia, Paris

☆ 'Necessary and unavoidable' inflation fight raises the risk of exposing vulnerabilities, OECD says
▼ + stars: | 2023-04-12 | 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 Email'Necessary and unavoidable' inflation fight raises the risk of exposing vulnerabilities, OECD saysOECD Secretary-General Mathias Cormann discusses the economic outlook and says the necessary fight against inflation increases the risk of exposing vulnerabilities.

☆ OECD says global economic outlook 'slightly better' for 2023 but inflation risks linger
▼ + stars: | 2023-02-24 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

People shop near prices displayed in a supermarket on February 13, 2023 in Los Angeles, California. OECD Secretary-General Mathias Cormann said the global economic outlook is "slightly brighter" this year but inflation challenges remain. Energy prices have fallen significantly because Europe was able to "successfully" diversify its sources of energy, Cormann noted. In addition, a "benign winter" helped to reduce energy demand which kept gas prices low, he said. In November, the OECD said "Russia's war of aggression against Ukraine has provoked a massive energy price shock not seen since the 1970s."

☆ China's economy will be 'on fire' in the second half of 2023, StanChart chairman says
▼ + stars: | 2023-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Andy Feng | iStock Editorial | Getty ImagesChina's economy will be "on fire" in the second half of 2023 as the economic performance of East and West diverges, according to Standard Chartered Chairman José Viñals. The reopening of the Chinese economy following several years of strict "zero-Covid" measures has buoyed sentiment among economists that the global growth and inflation picture may be less bleak than initially feared this year. OECD Secretary-General Mathias Cormann earlier this week said the reopening was "overwhelmingly positive" in the global fight to tackle sky-high inflation. The reopening has proven tricky, with China reporting a huge rise in Covid cases and deaths in recent weeks. Viñals said the structural improvements that helped insulate many EM economies would also enable them to flourish in years to come.

☆ OECD chief says China’s reopening ‘overwhelmingly positive’ to help tackle global inflation crisis
▼ + stars: | 2023-01-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

OECD Secretary-General Mathias Cormann on Monday said China's reopening is "overwhelmingly positive" in the global fight to tackle surging inflation. "We certainly very much welcome the easing of Covid related restrictions in China," Cormann told CNBC's Joumanna Bercetche at the World Economic Forum in Davos, Switzerland. Beijing reported on Saturday that almost 60,000 people with Covid had died in hospital since the country dropped its strict Covid restrictions last month, a sharp increase from previous figures. "One of the drivers of inflation was very much the supply shock related to global supply not being able to keep up with global demand … as swiftly as was required," Cormann said. "And so, China coming back into the global market in earnest and supply chains functioning more efficiently will help bring inflation down.

☆ UK economy is lagging substantially behind other developed nations, OECD report says
▼ + stars: | 2022-11-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Aaron Chown - Pa Images | Pa Images | Getty ImagesLONDON — U.K. growth has lagged the world's biggest economies since the Covid-19 pandemic and is substantially below the OECD average, according to a new report from the influential Paris-based group. In the G-7 nations — which includes Canada, France, Germany, Italy, Japan, the U.S. and U.K. — GDP has grown by a cumulative 2.5%, with only the U.K. recording a decline. Former Bank of England policymaker Michael Saunders this week told CNBC Hunt's plan had a "massive" hole where an economic growth strategy should be. 'Light at the end of the tunnel'Tuesday also saw the release of the OECD's global Economic Outlook report. Pereira told CNBC: "We are facing a very challenging environment.

☆ Governments alone cannot fill the climate finance gap, OECD secretary-general says
▼ + stars: | 2022-11-07 | 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 EmailGovernments alone cannot fill the climate finance gap, OECD secretary-general saysOECD Secretary General Mathias Cormann says the climate finance gap is increasing, with $4 trillion in clean energy investment needed to meet carbon neutrality objectives by 2050.

☆ Getting inflation back under control is priority number one, says OECD secretary-general
▼ + stars: | 2022-10-13 | 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 EmailGetting inflation back under control is priority number one, says OECD secretary-generalGetting inflation back under control is priority number one, says OECD Secretary-General Mathias Cormann.

☆ Energy, inflation crises risk pushing big economies into recession - OECD
▼ + stars: | 2022-09-26 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

PARIS, Sept 26 (Reuters) - Global economic growth is slowing more than was forecast a few months ago in the wake of Russia's invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said on Monday. The Paris-based policy forum was particularly pessimistic about the outlook in Europe - the most directly exposed economy to the fallout from Russia's war in Ukraine. "The global economy has lost momentum in the wake of Russia's unprovoked, unjustifiable and illegal war of aggression against Ukraine. GDP growth has stalled in many economies and economic indicators point to an extended slowdown," OECD Secretary-General Mathias Cormann said in a statement. The OECD forecast that the world's biggest economy would slow from 1.5% growth this year to only 0.5% next year, down from June forecasts for 2.5% in 2022 and 1.2% in 2023.

☆ Energy, inflation crises risk pushing big economies into recession: OECD
▼ + stars: | 2022-09-26 | by ( ) www.cnbc.com time to read: +2 min

Global economic growth is slowing more than was forecast a few months ago in the wake of Russia's invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said on Monday. "The global economy has lost momentum in the wake of Russia's unprovoked, unjustifiable and illegal war of aggression against Ukraine. GDP growth has stalled in many economies and economic indicators point to an extended slowdown," OECD Secretary-General Mathias Cormann said in a statement. The OECD was particularly gloomy about Germany's Russian-gas dependent economy, forecasting it would contract 0.7% next year, slashed from a June estimate for 1.7% growth. The OECD warned that further disruptions to energy supplies would hit growth and boost inflation, especially in Europe where they could knock activity back another 1.25 percentage points and boost inflation by 1.5 percentage points, pushing many countries into recession for the full year of 2023.

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