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


Economic growth will slow to 2.3% in 2022 and -0.2% in 2023, before rebounding to 2.3% in 2024. The negative confidence shock that followed Russia’s invasion of Ukraine as well as very high and broad-based inflation are weighing on private consumption. Business investment will continue to slow due to high uncertainty and worsening financial conditions, while high energy prices and lower external demand weigh on industrial production. Inflation will reach 17% in 2022 in year average terms and decline only gradually, to 10.7% in 2023 and 5% in 2024.

English Also available in: French



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