Global GDP growth in 2023 is projected to be 2.7%, the lowest annual rate since the global financial crisis, with the exception of the 2020 pandemic period. A modest improvement to 2.9% is foreseen for 2024. Annual OECD GDP growth is projected to be below trend in both 2023 and 2024, although it will gradually pick up through 2024 as inflation moderates and real incomes strengthen.

Headline inflation has fallen in most economies in recent months due to the downturn in energy prices, even though food and services prices have continued to rise rapidly. Core inflation remains stubbornly high.

A combination of high inflation and modest wage increases led to falling real wages in 2022. Many governments rolled out extensive support to cushion the effects of high energy and food prices on households. Over the course of 2023, real wages are projected to stop declining in most OECD countries.

The OECD Energy Support Measures Tracker aims to take stock of all government interventions to support energy users since February 2021 and provide estimates of the associated budgetary costs. The current vintage of the database has a cut-off date of 23 May 2023 and covers 41 countries, of which 35 are OECD economies (all member countries except Iceland, Hungary and Switzerland) and 6 non-OECD economies (Brazil, Bulgaria, Croatia, India, Romania, and South Africa).