OECD Lifts Global Growth Outlook But Cuts Japan's

The Organization for Economic Cooperation and Development (OECD) has upgraded its global economic outlook, forecasting 2.6% growth in 2023, but noted the recovery remains fragile amid monetary tightening and uncertainty over Russia's war in Ukraine, Kyodo News reported.

Photo Insert: The Paris-based organization also cut its growth forecast for Japan to 1.4% from 1.8%, underscoring its relative weakness despite pent-up demand supporting the world's third-largest economy.

In its previous estimate in November, OECD said the global economy will expand 2.2% this year.

The Paris-based organization also cut its growth forecast for Japan to 1.4% from 1.8%, underscoring its relative weakness despite pent-up demand supporting the world's third-largest economy, Mainichi Shimbun also reported.

The 2023 forecasts for the US and China were upgraded to 1.5% and 5.3%, respectively, compared with 0.5% and 4.6% as of November.

The eurozone economy is now projected to expand by 0.8% instead of the previous estimate of 0.5%. OECD's revised economic outlook report was released amid mounting concern over the banking sector in the US and Europe following the collapse of two regional US banks.

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