The global economy showed unexpected resilience in the first half of 2023, although the outlook for economic growth remains weak, according to the OECD.

Global economic growth is expected to decline in 2024 due to pronounced monetary policy and a slowdown in China's economic recovery. Core inflation persisted, driven by tightening in the services sector and the labor market. Risks are tilted to the downside, with the possibility of continued inflation and a slowdown in China's economy.

The world economy is expected to grow by 3.0% in 2023, slowing to 2.7% in 2024. Despite China's slowing economic recovery, Asia will still make a significant contribution to global economic growth in 2023-24.