OECD economic outlook: Steady global growth expected for 2024 and 2025

The OECD has released its latest economic outlook and said it expects steady global growth in 2024 and 2025.

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00:00 Bright economic conditions rooted in modest economic growth is expected for the next two

00:05 years according to the OECD's latest forecast.

00:09 The Paraspace Organisation for Economic Co-operation and Development says global GDP should grow

00:14 by 3.1 per cent in 2024 and 3.2 per cent in 2025.

00:19 But outlooks differ depending on the region, with Europe's more advanced countries showing

00:24 weaker economies, according to the report.

00:27 Germany, long considered the "sick man" of Europe, is expected to perform disappointingly

00:32 this year, with 0.2 per cent growth and 1.1 per cent growth the year after.

00:38 Italy is also expected to grow only 0.7 per cent this year and 1.2 per cent in 2025.

00:45 Hungary and Iceland, however, have bucked the trend, with both countries' GDP optimistically

00:51 projected to grow 2.8 per cent in 2025.

00:55 OECD Secretary-General Matthias Cormann said policy action needs to ensure stability and

01:01 to improve medium-term growth.

01:03 [WHOOSH]