OECD says global growth is stronger than expected despite high energy prices

  • OECD said global economic growth is holding up better than expected.
  • Oil prices have remained high longer than the OECD anticipated.
  • OECD's Wednesday report considered a lengthy Middle East conflict alongside other headwinds.

Global economic growth is proving more resilient than expected despite sustained high energy prices, the Organization for Economic Cooperation and Development (OECD), a Paris-based research body, said Wednesday. In its quarterly global outlook, the OECD said worldwide output is likely to expand faster than forecast in June. However, oil prices have remained elevated for longer than anticipated, keeping inflation rates more elevated, while a lengthy Middle East conflict combined with other headwinds could weigh heavily on global activity.

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