U.S. stocks and oil prices declined in choppy trading on Monday, while the dollar and Treasury yields pushed higher, as Wall Street digested a raft of mixed macroeconomic news.
Global economic growth is slowing more than was forecast a few months ago in the wake of Russia’s invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD says.
Global growth this year was still expected at 3.0 per cent, but it is now projected to slow to 2.2 per cent in 2023, revised down from a forecast in June of 2.8 per cent, the Organisation for Economic Co-operation and Development said on Monday.
The OECD group, representing wealthy countries, has cut its forecast of Australian economic growth from 2.5 per cent forecast in June to 2 per cent in 2023. While Australia will avoid a recession next year, the OECD believes the Reserve Bank will hike up interest rates another 1.25 per cent.
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