Despite uneven growth, the global economy remains resilient amidst looming obstacles. The COVID-19 pandemic led to a global economic contraction of 2.7% in 2020, with developed economies shrinking by 3.9% and developing countries by 1.8%. The easing of restrictions saw a robust recovery in 2021, with global growth reaching 6.5%, driven by both developed (5.7%) and developing (7.0%) nations. However, this rapid growth was partly due to the base effect. Global economic growth moderated to 3.5% in 2022 and stood at 3.3% in 2023, as central banks focused on cooling inflation. Challenges such as the Russia-Ukraine conflict, Israeli war on Gaza and financial sector vulnerabilities continue to impact the outlook.

Online Electronic Version

• OIC Economic Outlook 2024 - Supporting Private Sector and SME Development in OIC Countries (English)