The Organization of Petroleum Exporting Countries (OPEC) revised up its 2022 global economic growth estimates to 3% from the previous 2.8%, it was revealed in its monthly report on Tuesday. The 2023 projection remained unchanged at 2.5%. The organization cites "better-than-anticipated 2H22 economic performance in various key economies" as the main reason for the increase.
The US gross domestic product (GDP) growth is expected to be at 2% in 2022 and 1% in 2023, up roughly 0.2 percentage points from the previous predictions. The euro area GDP growth estimates were slightly increased to 3.2% for 2022 and 0.4% for this year. China's economic growth forecast remained unchanged at 3.1% for 2022 and 4.8% for 2023. Russia's economy is expected to contract by 4% in 2022 and 0.5% in 2023.
"Although growth momentum is expected to carry over into 2023, the world economy will continue navigating through many challenges, amid high inflation, monetary tightening by major central banks, and high sovereign debt levels," the report read.
