The Organization for Economic Cooperation and Development (OECD) has raised growth forecasts for Spain this year to 1.7%, thus improving four tenths the estimate made in November, although it shows the optimism of the Government, which calculates a rate of 2.1%.
The organization expects global growth to remain in 2023 and 2024, at 2.6% and 2.9% respectively, four tenths more than in the previous forecast, with "a gradual improvement as the burden of income due to high inflation recedes", warns in its Economic Outlook report released on Friday.
The OECD warns that, although the headline rate is declining, "the underlying rate remains important" and is stagnant. It estimates that it will be 4% and 2.% in 2023 and 2024. For Spain, the inflation rate projected is 4.2% in 2023 and 4% in 2024, below the average.
The situation "improves but the risks are still there," said OECD Secretary-General Mathias Cormann during the presentation of the forecasts.
"The improving economic outlook remains fragile. The risks have balanced out a little better. Uncertainty about the course of the war in Ukraine and its wider consequences is a key concern," the organization says, adding that "the strength of the impact of changes in monetary policy is difficult to measure."
"Pressures on global energy and markets could also reappear, leading to further price spikes and higher inflation."
The OECD warns that "the tense geopolitical situation, uncertainty remains high", due to the war in Ukraine and its consequences for the world economy. A "major related risk is a renewed worsening of food security in emerging and developing economies," he says.
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