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MNI: OECD Sees Weakest Growth Outside of Pandemic Since 2008

(MNI) OTTAWA

Inflation pressures prevent any rate cuts until the second half of 2024 though a soft landing is in view.

The OECD says global economic growth in 2024 will be the weakest since the 2008 financial crisis, except for the start of the pandemic, while stubborn core inflation means central banks will hold interest rates until the second half of next year.

"We are projecting a soft landing for advanced economies, but this is far from guaranteed" the Paris-based group's chief economist Clare Lombardelli wrote to introduce the report. "Risks to the near-term global outlook remain tilted to the downside."

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The OECD says global economic growth in 2024 will be the weakest since the 2008 financial crisis, except for the start of the pandemic, while stubborn core inflation means central banks will hold interest rates until the second half of next year.

"We are projecting a soft landing for advanced economies, but this is far from guaranteed" the Paris-based group's chief economist Clare Lombardelli wrote to introduce the report. "Risks to the near-term global outlook remain tilted to the downside."

Keep reading...Show less