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OECD cuts 2026 global growth forecast and warns of recession risk if Iran war persists
The war in the Middle East has dented economic growth prospects worldwide, with a more severe shock likely if no effective ceasefire is agreed before 2027, the OECD warned Wednesday. The OECD has downgraded its global growth outlook, warning that rising energy prices, geopolitical tensions and persistent inflation are weighing on the world economy and could push several countries into recession if disruptions continue. In its quarterly update, the organisation, which represents 38...
Global steel crisis deepens as oversupply reaches alarming levels, OECD warns
The global steel industry is facing a growing crisis as subsidised production and excess capacity continue to distort markets, according to the OECD. It says state-backed steel production, particularly in China, is increasing pressure on producers in Europe and other OECD economies. Global steelmaking capacity continues to expand despite weak demand, threatening to push prices lower and distort competition.
China's state subsidies up to eight times more than OECD's, report says
Chinese state subsidies have hit record levels, climbing to nearly 10% of company revenue in the chip sector and distorting markets, according to a new OECD report, published as the EU mulls new measures to counter Beijing's aid. Chinese companies received between three and eight times more subsidies than Western firms between 2005 and 2024, according to a report published on Monday by the Organisation for Economic Co-operation and Development (OECD). The findings come as European...
OECD cuts 2026 global growth forecasts over Mideast war fallout
OECD cuts 2026 global growth forecasts over Mideast war fallout PARIS: The global economic outlook hinges on how long the war in the Middle East lasts, with recession in some countries and sharply higher inflation a real possibility if it drags on into next year, the Organisation for Economic Cooperation and Development warned on Wednesday (Jun 3). If the conflict proves short-lived, Gulf oil and gas production could gradually return to pre-crisis levels from the third quarter with shortages...
OECD warns of global slowdown as U.S.-Iran war stymies economic growth prospects
The Organisation for Economic Cooperation and Development has slashed its global growth outlook, warning that the economic damage from the U.S.-Iran war could dramatically worsen unless a durable peace settlement is reached quickly. In its June Economic Outlook, the OECD said global growth is now expected to slow from 3.4% in 2025 to 2.8% in 2026, before recovering to 3.1% in 2027 — should the current energy price shock start easing by the middle of this year. But that's assuming a...
China rejects OECD report on industrial subsidies as ‘one-sided’ amid EU trade tensions
China rejects OECD report on industrial subsidies as ‘one-sided’ amid EU trade tensions The dispute comes as industrial policy becomes a major point of contention in global trade, particularly in hi-tech and strategic sectors “The report’s definition of ‘subsidies’ lacks a unified standard and statistical framework, and deviates from consensus under multilateral frameworks such as the World Trade Organization,” the Ministry of Commerce said in a statement on Thursday. “It attributes the rise...
OECD predicts spate of recessions globally if Iran conflict drags into 2027
Policy forum lays out ‘prolonged disruption’ scenario in which world’s GDP falls to 2.1% this year from 3.4% in 2025Rural UK ‘particularly at risk’ of diesel shortagesIf the Middle East conflict drags on into next year it would hit global growth hard, driving some economies into recession and causing energy shortages, according to forecasts from the Organisation for Economic Co-operation and Development. In its latest Economic Outlook, the Paris-based club of industrialised countries lays...
Global Economy Risks Slump on Prolonged Iran Conflict, OECD Says
A woman walks past a giant billboard reading "The Strait of Hormuz remains closed" in Tehran on April 28.
OECD warns of ‘dark scenario’ if Gulf energy crisis drags on
Growth rates would tumble to levels rarely seen outside of major global events such as the Covid-19 pandemic
OECD gives a stark warning while lowering 2027 growth forecasts
Organization for Economic Cooperation and Development is warning of the risks of inflation.