In 2024, global growth is projected to drop to 2.7%, down from 2.9% in 2023, while the average growth for OECD countries in 2024 is forecast at 1.4%.

Argentina is poised to be the worst performer of all the nations covered by the OECD, with its economy expected to contract by 1.3%. Battered by runaway inflation – which could peak at over 157% – and by high rates of poverty, the Argentinian economy is in crisis. The country's new leader, right-wing populist Javier Millei, is planning to shake it up by dollarizing the nation, wiping out the fiscal deficit, and shutting down the central bank.

On the other hand, the OECD has advised the new government to adopt "more effective" social spending practices to support the poorest in society and minimize public debt.

Is America's Economy Going To Outperform Other Countries This Year?