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| OECD predicts how 'energy shock' will affect Eurozone | OECD predicts how 'energy shock' will affect Eurozone |
| (31 minutes later) | |
| Group warns of a "period of pronounced weakness" in the single-currency area | Group warns of a "period of pronounced weakness" in the single-currency area |
| Increased energy prices are taking a heavy toll on the world economy, particularly in the Eurozone, the Organization for Economic Cooperation and Development (OECD) warned on Tuesday. | |
| According to its report, the worst energy crisis since the 1970s will trigger a sharp slowdown worldwide, with the euro area hit the hardest. | |
| The OECD forecasts that global economic growth will slow from 3.1% this year to 2.2% in 2023, before accelerating to 2.7% in 2024. | The OECD forecasts that global economic growth will slow from 3.1% this year to 2.2% in 2023, before accelerating to 2.7% in 2024. |
| "We are not predicting a recession, but we are certainly projecting a period of pronounced weakness,” OECD chief Mathias Cormann was quoted as saying by Reuters. | "We are not predicting a recession, but we are certainly projecting a period of pronounced weakness,” OECD chief Mathias Cormann was quoted as saying by Reuters. |
| The 19-country Eurozone economy was projected to grow 3.3% this year then slow to 0.5% in 2023, before recovering to expand by 1.4% in 2024. That is slightly better than in the OECD's September outlook, when it estimated growth of 3.1% this year and 0.3% in 2023. | The 19-country Eurozone economy was projected to grow 3.3% this year then slow to 0.5% in 2023, before recovering to expand by 1.4% in 2024. That is slightly better than in the OECD's September outlook, when it estimated growth of 3.1% this year and 0.3% in 2023. |
| The OECD predicts a contraction of 0.3% next year in euro area powerhouse Germany, whose industry-driven economy is highly dependent on energy imports from Russia. | The OECD predicts a contraction of 0.3% next year in euro area powerhouse Germany, whose industry-driven economy is highly dependent on energy imports from Russia. |
| The French economy, which is far less dependent on Russian gas and oil, is expected to grow 0.6% next year. Italy’s growth is projected at 0.2%, which means several quarterly contractions are probable. | The French economy, which is far less dependent on Russian gas and oil, is expected to grow 0.6% next year. Italy’s growth is projected at 0.2%, which means several quarterly contractions are probable. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |