World faces worst energy crisis since the 1970s, warns OECD

[seoulbro]

And the culprit is insane anti oil and gas developement policies and ESG. Enjoy your inflation and tell yourself you are saving the planet.

'We are not predicting a recession, but we are certainly projecting a period of pronounced weakness'

PARIS — The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp slowdown, with Europe hit hardest, the OECD said, adding that fighting inflation should be policymakers’ top priority.

It forecast that world economic growth would slow from 3.1 per cent this year – slightly more than the OECD foresaw in its September projections – to 2.2 per cent next year, before accelerating to 2.7 per cent in 2024.

The OECD predicted a contraction of 0.3 per cent next year in regional heavyweight Germany, whose industry-driven economy is highly dependent on Russian energy exports – less dire than the 0.7 per cent slump expected in September.

Even in Europe outlooks diverged, with the French economy, which is far less dependent on Russian gas and oil, expected to grow 0.6 per cent next year. Italy was seen eking out 0.2 per cent growth, which means several quarterly contractions are probable.

The U.S. economy was set to hold up better, with growth expected to slow from 1.8 per cent this year to 0.5 per cent in 2023 before rising to 1.0 per cent in 2024. The OECD had previously expected growth of only 1.5 per cent this year in the world’s biggest economy and its estimate for 2023 was unchanged.

China, which is not an OECD member, was one of the few major economies expected to see growth pick up next year, after a wave of COVID lockdowns. Growth there was seen rising from 3.3 per cent this year to 4.6 per cent in 2023 and 4.1 per cent in 2024, compared with previous forecasts of 3.2 per cent in 2022 and 4.7 per cent for 2023.

While many governments had already spent heavily to ease the pain of high inflation with energy price caps, tax cuts and subsidies, the OECD said the high cost meant such support would have to be better targeted going forward.
https://financialpost.com/news/economy/oecd-outlook-energy-crisis-slowdown?utm_medium=Social&utm_source=Facebook&fbclid=IwAR07u_BJx1hAoM6Hgaou8_1d1ECZlfsQ4Odg7eifjd4A1cFjvP_2GyYUgmM#Echobox=1669128546

[seoulbro]

Oerdin, ignore Joe's trolling. Justin Trudeau is every bit as opposed to domestic energy development as the Dems and probably more so. He has blocked two oil pipelines, several LNG export projects, oilsands mines and bought a pipeline hoping it never gets completed. He passed bill C-48 which blocks oil tanker exports from the upper West coast of BC while doing nothing about imported oil tankers at St John New Brunswick and Montreal, Quebec. He passed Bill C-69 which is the no more pipelines law. On top of all this he has added numerous bureaucracy and costs to domestic energy sector. The result has been 110,000 mortgage paying jobs and over eighty billion dollars in investment leaving Canada and going to other countries.

We should not be surprised though. He did say he wants to phase out domestic fossil fuel production.

[seoulbro]

True Dope never did anything to save the Northern leg of KXL.  He and Bidumb only like foreign oil which suits me fine. I want your country to fail.

Trudeau's anti-pragmatic agenda driven war on domestic energy production is having consequences for the entire world. Europeans wish he hadn't killed three LNG export terminals. in Eastern Canada.