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OPEC: Global GDP growth forecast still at 3.5%

12 July 2022 15:59 (UTC +04:00)

The Organization of the Petroleum Exporting Countries (OPEC) announced on Tuesday that its forecast for global economic growth in 2022 remains unchanged from last month at 3.5%, falling to 3.2% in 2023, APA reports citing Tele Trader.

It based its July estimate on the assumption the Ukraine conflict will not worsen, although it warned of related risks, including a shortage of agricultural products and a possible further decline in Russian fossil fuel exports in the second half of 2022.

The report repeated projections of a rebound in the third quarter, followed by an uncertain fourth quarter, "with a potential ongoing rise in inflation and a response by major central banks via monetary tightening." OPEC also cautioned that the re-emergence of the COVID-19 pandemic and "potential strain in the debt market due to globally rising interest rates" must be monitored toward the end of the year.