Global inflation to rise, central banks tighten

The Organisation for Economic Co-operation and Development (OECD) has predicted that global inflation will remain at higher-than-previously-anticipated levels until 2027, which may necessitate further monetary tightening by central banks around the world. This includes raising interest rates in the United States, the Eurozone, Australia, and South Korea to contain core inflationary pressures. The organization indicated that monetary policies might need to respond to rising energy prices and consumer demand, especially after a round of policy tightening in September 2023. It is expected that the Federal Reserve will increase interest rates again this year, while interest rates in the Bank of England and Canada are currently projected to stabilize. The OECD also noted that global economic growth has not changed significantly since June 2023, despite ongoing concerns about the impacts of the Middle East conflict and trade tensions on growth. There remains a continued need for fiscal reforms and risk reduction measures to ensure the sustainability of the global economy.

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