Market Speaks: OPEC Sees Global Economic Growth Broadally Unchanged At 3.5% In 2022

15 Jun 2022 , 12:22 PM

Oil producing countries cartel OPEC has noted in a latest update that world economic growth in 2022 remains broadly unchanged at 3.5%, following growth of 5.8% in 2021. US GDP growth for 2022 is revised down to 3.0% from 3.2%, after growth was reported at 5.7% for 2021. Euro-zone economic growth for 2022 is revised down to 3.0% from 3.1%, following growth of 5.4% in 2021. Japans economic growth for 2022 is revised down to 1.6% from 1.8%, after growth of 1.7% in 2021. Chinas 2022 growth remains unchanged at 5.1%, after growth of 8.1% in 2021. Indias 2022 GDP growth remains at 7.1%, after 2021 growth of 8.3%. Brazils economic growth forecast for 2022 is revised up to 1.2% from 0.7% in the previous assessment, following growth of 4.6% in 2021. For Russia, the 2022 GDP growth forecast is unchanged, showing a contraction of 6.0%, following reported growth of 4.7% in 2021. Consumption remains robust, especially in the advanced economies, with an expected continued recovery particularly evident in the contact-intensive services sector, which includes travel and transportation activity, leisure and hospitality. However, significant downside risks prevail, stemming from ongoing geopolitical tensions, the continued pandemic, rising inflation, aggravated supply chain issues, high sovereign debt levels in many regions, and expected monetary tightening by central banks in the US, the UK, Japan and the Euro-zone. Powered by Commodity Insights