The Organization of Petroleum Exporting Countries (OPEC) lowered its projections for the growth of the global Gross Domestic Product (GDP) in 2022 and 2023, as released this Wednesday (12) in a monthly report.
OPEC revised its forecast from 3.1% to 2.7% this year and from 3.1% to 2.5% next year.
For the US, the forecast dropped to 3.0% of GDP in 2022 and 0.8% in 2023.
In the euro zone, forecasts were also reduced and the expectation is for GDP growth of 3.0% this year and 0.3% next year. For China, OPEC lowered its forecast to 3.1% this year, but kept the 4.8% high for next year.
For Brazil, OPEC lowered its forecast for GDP growth in 2023 from 1.6% to 1.0%, according to a monthly report. For 2022, the cartel maintained its forecast of 1.5% advance.
In the document, the organization highlights the uncertainties regarding public consumption and the country’s budget deficit, as well as high inflation rates.
For the short term, OPEC says that Brazil seems to have a “much brighter” economic scenario than seen in the last months of 2022. The result of the elections this month, however, may change the optimism of the economy, he ponders.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
