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


Luxembourg’s economic growth is set to slow to 1.5% in 2023, before picking up again in 2024. Activity has slowed due to broadening inflationary pressures, falling manufacturing activity, and the uncertain outlook on the back of the Russian war of aggression against Ukraine. Financial services growth will slow in 2023 and high interest rates will delay business investment and housing purchases. Government support to households will underpin incomes and spending. Annual public investment of 4% of GDP will continue into 2024. The labour market will remain tight despite the growth slowdown. Rising prices of services will lift core inflation.

English Also available in: French



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