OECD Warns of ‘Significant’ Economic Slowdown, Persistently High Inflation

A woman shops for groceries at a supermarket in Monterey Park, Calif., on Oct. 19, 2022. Frederic J. Brown/AFP via Getty Images

The Paris-based Organization for Economic Cooperation and Development (OECD), which includes the United States as a key member, has warned of a “significant growth slowdown” for the world economy in 2023 along with high inflation that has become broader and more persistent.

“The global economy is facing significant challenges,” the OECD said in a Nov. 22 release. “Growth has lost momentum, high inflation has broadened out across countries and products, and is proving persistent. Risks are skewed to the downside.”