OECD Calls World Economic Recovery Fragile

US Dollar Illustration (Photo: Doc. Antara)

JAKARTA - The Organization for Economic and Development Cooperation (OECD) says the world is in the midst of a fragile economic recovery. This is due to the impact of the COVID-19 pandemic and the conflict between Russia and Ukraine.

In the "Economic Outlook, Interim Report" released citing Antara, Saturday, March 18, OECD estimates the global economy will grow by 2.6 percent this year. It will then increase to 2.9 percent in 2024 as a lasting impact of the Ukraine crisis, such as the issue of energy supply and high inflation.

"The decline in energy prices has contributed to moderate increases in global prospects," the OECD said in a statement.

The report estimates China's economy will grow the fastest in the world this year, an increase of 5.3 percent, while the US economy will grow by 1.5 percent this year and 0.9 percent by 2024.

In its recommendation, the OECD calls on countries to maintain monetary policy aimed at reducing inflation and targeting fiscal support to the sectors hardest affected.

"As well as taking steps to trigger greater economic growth," he quoted.