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OECD forecast: High rates and inflation to slow world growth

FILE - Construction workers ride on a beam hanging from a crane at the construction site of a residential high rise building in Mexico City, June 17, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Marco Ugarte, File) The 'OOCL United Kingdom' container vessel is anchored at the 'Jade Weserport' container terminal in Wilhelmshaven, Germany, Tuesday, Nov. 15, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Sohn, File) Clouds drift by as the sun rises over the buildings of the banking district in Frankfurt, Germany, Sunday, Nov. 6, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Probst, File) A man stands in front of the Bank of England, at the financial district in London, Thursday, Nov. 3, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Kin Cheung, File) People walk by monitors showing Japan's Nikkei 225 index, left, and the Japanese yen's exchange rate against the U.S. dollar at a securities firm in Tokyo, Monday, Oct. 24, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Hiro Komae, File) FILE - Construction workers ride on a beam hanging from a crane at the construction site of a residential high rise building in Mexico City, June 17, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Marco Ugarte, File) The 'OOCL United Kingdom' container vessel is anchored at the 'Jade Weserport' container terminal in Wilhelmshaven, Germany, Tuesday, Nov. 15, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Sohn, File) Clouds drift by as the sun rises over the buildings of the banking district in Frankfurt, Germany, Sunday, Nov. 6, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Probst, File) A man stands in front of the Bank of England, at the financial district in London, Thursday, Nov. 3, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Kin Cheung, File) People walk by monitors showing Japan's Nikkei 225 index, left, and the Japanese yen's exchange rate against the U.S. dollar at a securities firm in Tokyo, Monday, Oct. 24, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Hiro Komae, File) FILE - Construction workers ride on a beam hanging from a crane at the construction site of a residential high rise building in Mexico City, June 17, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Marco Ugarte, File) The 'OOCL United Kingdom' container vessel is anchored at the 'Jade Weserport' container terminal in Wilhelmshaven, Germany, Tuesday, Nov. 15, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Sohn, File) Clouds drift by as the sun rises over the buildings of the banking district in Frankfurt, Germany, Sunday, Nov. 6, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Probst, File) A man stands in front of the Bank of England, at the financial district in London, Thursday, Nov. 3, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Kin Cheung, File) People walk by monitors showing Japan's Nikkei 225 index, left, and the Japanese yen's exchange rate against the U.S. dollar at a securities firm in Tokyo, Monday, Oct. 24, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Hiro Komae, File) FILE - Shoppers walk into a store at a shopping center in Tokyo on Aug. 17, 2020. The Japanese economy has contracted at an annual rate of 1.2% in the July-September quarter, as consumption declined amid rising prices. (AP Photo/Hiro Komae, File) Residents wearing masks carry bags as they visit the Wangfujing shopping street in Beijing, Monday, Nov. 14, 2022. Chinese consumer spending contracted in October and factory activity weakened as anti-virus controls following a rise in infections weighed on the economy. (AP Photo/Ng Han Guan) A cyclist in yellow jacket passes an empty retail space on Oxford Street in London, Wednesday, Nov. 16, 2022. Britain's inflation rate rose to a 41-year high in October, fueling demands for the government to do more to ease the nation's cost-of-living crisis when it releases new tax and spending plans on Thursday. The Office for National Statistics says consumer prices rose 11.1% in the 12 months through October, compared with 10.1% in September. The October figure exceeded economists expectations of 10.7%. (AP Photo/Alastair Grant)
OECD forecast: High rates and inflation to slow world growth