OECD upgrades global economic outlook for 2024-25

The Organization for Economic Cooperation and Development, or OECD, has upgraded its global GDP growth forecast for 2024 and 2025 as major central banks are set to begin long-awaited interest rate cuts. According to May's Economic Outlook, the global economy is projected to keep up with the 3-point-1 percent growth rate reported last year, before picking up slightly to 3-point-2 percent next year. This upgrades the OECD's previous forecasts in February for 2-point-9 percent this year and 3 percent in 2025.