The Organization for Economic Cooperation and Development (OECD) published (November 22) an assessment of the prospects for the development of the global economy, according to which in 2023 the biggest economic crisis in the last 50 years is expected. Negative economic phenomena will also be exacerbated by high inflation and falling global economic growth.
The OECD was established in 1961 to coordinate the economic policies of its members and coordinate assistance programs for developing countries. It unites 38 countries, mostly with a high level of economic development. Unlike the World Bank and the IMF, it does not provide financial assistance but assists member governments in defining economic strategies and concluding international agreements.
The economic situation in Europe and Asia may deteriorate sharply due to the potential rise in energy prices.
The main challenges in 2023 for the global economy will be: high energy costs;
food crisis in the Third World* rising interest rates on loans; increasing national public debts of the countries of the world.
According to the organization, the countries of Europe and the United States will have the greatest impact on the economy. At the same time. China and India may benefit from this economic crisis.
It is expected that Russia will try to use its ties with these countries to get economic support in its confrontation with the West.
The recovery of global economic evidence is expected in 2024.
OECD analysts believe that Russia’s aggression against Ukraine is the main cause of future negative economic processes in the world. It was emphasized that the end of the war and a long-term just peace for Ukraine will be the most effective way to overcome the economic crisis.