OPEC keeps global GDP growth at 2.7% in 2023
The Organization of Petroleum Exporting Countries (OPEC) said in its monthly report published on Tuesday that global economic growth will be 2.7% in 2023, unchanged from the August report.
The US gross domestic product (GDP) growth is expected to remain unchanged from the previous forecast, reaching 1.8% in 2023. The Eurozone figure and China's economic growth outlook were also unchanged and reviewed at 0.6% and 5.2% in 2023, respectively. On the other hand, OPEC revised Russia's GDP growth up by 0.4 percentage points to 1%.
The report stressed that "the downside risks to these projections include high inflation, the possibility of further monetary tightening, tighter labor markets in advanced economies, as well as the continuation of the conflict in Eastern Europe."