OECD Economic Outlook, Volume 2022 Issue 2
Confronting the Crisis
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.
Also available in: French
Germany
The economy is projected to grow by 1.8% in 2022, contract by 0.3% in 2023 and recover by 1.5% in 2024. Uncertainty is high amidst strong energy price volatility. High inflation is reducing real incomes and savings, damping private consumption. Despite weakening external demand, export growth will recover through 2023 due to easing supply chain bottlenecks and a record-high order backlog. If energy saving requirements are not met during the winter, gas rationing would imply severe production disruptions.
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