OECD lifts 2024 growth forecasts, driven by US

Paris: The OECD raised its global economic growth forecast for 2024 on Thursday, driven by strong performances in the United States and emerging count...

Paris: The OECD raised its global economic growth forecast for 2024 on Thursday, driven by strong performances in the United States and emerging countries while Europe lags behind.

The world economy is expected to expand by 3.1 percent this year, up from a previous projection in February of 2.9 percent, according to the the Organisation for Economic Cooperation and Development.

"Cautious optimism has begun to take hold in the global economy, despite modest growth and the persistent shadow of geopolitical risks," OECD Clare Lombardelli said in the quarterly report.

But Lombardelli noted that "this recovery is unfolding differently across regions."

The US economy -- the world's biggest -- is now expected to expand 2.6 percent in 2024, up from the 2.1 percent previously expected, and faster than last year's 2.5 percent.