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ICYMI: OECD Projects Solid Growth for America, Lower Inflation Than Most Major Economies

June 08, 2022

This morning, the OECD published its latest set of global economic projections – an update to the OECD Economic Outlook published last December. The report highlights the economic impact of Russia's invasion of Ukraine on countries and households across the world. For the United States, there are two clear takeaways:

  • GDP growth is projected to be solid in both 2022 and 2023. The OECD predicts that growth in the United States will "be supported by continued employment gains this year and rising real wages in 2023."
  • Inflation is projected to be lower in the United States than the overwhelming majority of countries. The OECD report emphasizes that inflation is a global challenge – at both the headline-level and at the core-level (excluding energy and food prices). As the chart below shows, inflation is projected to be lower next year in the United States than in Europe, the U.K., and Canada.

In short, as the U.S. economy transitions from the historic recovery we've seen over the last year to stable, steady growth, the country is uniquely well positioned, compared to the rest of the world, to navigate global economic challenges on the horizon.

Joseph R. Biden, ICYMI: OECD Projects Solid Growth for America, Lower Inflation Than Most Major Economies Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/356358

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