🔺Economic Cooperation Organization: The global economy is resilient, but inflation becomes persistent

▪The Economic Cooperation and Development Organization announced that economic growth in many countries has remained “resilient” despite the war in the Middle East and slightly raised its forecast for world GDP growth.

▪Based on the organization’s quarterly report, global economic growth this year is estimated at 2.9%, which is one-tenth of a percentage point higher than the forecast made in June.

▪The report states that despite a surge in energy prices since the start of the U.S. and Israel’s military operations against the Islamic Republic in late February, “broader financial conditions continue to provide support,” as indicated by stock market gains and the continued availability of credit.