The world as a whole has been jolted by the war in Ukraine, according to the Organisation for Economic Co-operation and Development, which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes too.
The global economy will expand just 2.2% in 2023, the Paris-based organization said Monday. It slashed GDP forecasts for most of the G20, with only Indonesia featuring a moderately higher outlook. Many of the group face noticeably faster inflation too.
Japan will see growth of 1.4% next year, slower than the 1.8% expansion previously forecast in June, the OECD's economic outlook report showed, even as the Bank of Japan is in no rush to tweak its ultralow rate policy.