OECD hikes growth outlook, but warns recovery fragile

Looking to next year, global growth was expected to accelerate to 2.9% - compared with a November forecast of 2.7% - as the hit to household incomes from high energy prices faded. Picture Denis Minihane.

The global economic outlook has improved from a few months ago as the inflation shock eases but rising interest rates will keep risks high, the OECD said, hiking its growth forecasts for major economies.

After growth last year of 3.2%, the world economy is on course to expand 2.6% as central bank tightening takes full effect, the Organisation for Economic Cooperation and Development said in its interim economic outlook.