What Economy Is OPEC Examining?

September 14, 2002--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--The latest economic assessment from the Organization of the Petroleum Exporting Countries (OPEC) paints an optimistic forecast for the future, but the caveats to that assessment are decidedly bearish.

OPEC economists in their monthly report for September left their assessment for global economic growth unchanged from last month, pointing to a 3.1% uptick for both this year and for 2023.

Of the major global economies, India is expected to post the largest economic gains this year with 7.1%, followed by China, with 4.2% growth for this year. The forecast for China was revised lower though to reflect the strains of its zero-tolerance policy on COVID-19.

For the United States, growth is forecast at 1.8% for this year, unchanged from the previous forecast. And it's somewhat surprising that OPEC expects the eurozone to outperform the United States, the world's biggest economy, with 3.1% growth for 2022.