2022 OECD Economic Outlook, Volume 2022 Issue 2

image of OECD Economic Outlook, Volume 2022 Issue 2

The global economy is facing mounting challenges amidst the largest energy market shock since the 1970s and the cost-of-living crisis for many households from rising inflation pressures. The OECD Economic Outlook, Volume 2022 Issue 2 highlights the unusually imbalanced and fragile outlook, the significant downside risks associated with energy market developments and rising financial vulnerabilities as interest rates are raised, and the associated policy challenges. Well-designed and timely policy actions are required to maintain economic stability, enhance energy security and strengthen the prospects for future growth.

This issue includes a general assessment of the macroeconomic situation, and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.

English Also available in: French

South Africa

GDP is projected to grow by 1.7% in 2022, 1.1% in 2023, and 1.6% in 2024. Private consumption and investment will remain the main drivers of growth. Household spending remains supported by social transfers and an improving labour market. Private investment will rise as companies replace an increasingly obsolete capital stock. Inflation is projected to slowly fall in response to tighter monetary policy. Risks to growth include prolonged electricity shortages and more persistent inflationary pressures than expected, potentially delaying the reduction of policy rates.

English Also available in: French



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