Vulnerability of banks exposed and could emerge as a drag on growth
The collapse of Silicon Valley Bank has raised fears of a global banking crisis. (Photo: AFP)
PARIS: The OECD raised its global economic growth forecast on Friday as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil.
The Organisation for Economic Co-operation and Development said it now expects the global economy to grow by 2.6% this year compared to 2.2% in its previous forecast in November.
But it remains under the 3.2-percent expansion seen in 2022, the Paris-based OECD said in its updated economic outlook titled “A Fragile Recovery”.
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