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OECD forecast: High rates, inflation to slow world growth

The 'OOCL United Kingdom' container vessel is anchored at the 'Jade Weserport' container terminal in Wilhelmshaven, Germany, Tuesday, Nov. 15, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Sohn, File) Clouds drift by as the sun rises over the buildings of the banking district in Frankfurt, Germany, Sunday, Nov. 6, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Michael Probst, File) People walk by monitors showing Japan's Nikkei 225 index, left, and the Japanese yen's exchange rate against the U.S. dollar at a securities firm in Tokyo, Monday, Oct. 24, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Hiro Komae, File) FILE - Construction workers ride on a beam hanging from a crane at the construction site of a residential high rise building in Mexico City, June 17, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Marco Ugarte, File) A man stands in front of the Bank of England, at the financial district in London, Thursday, Nov. 3, 2022. Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday Nov. 22, 2023 by the Organization for Economic Cooperation and Development. In the OECD's estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. (AP Photo/Kin Cheung, File)