As national restrictions to fight the COVID-19 pandemic crisis were progressively lifted during 2021, OECD countries experienced positive economic growth throughout the year. In 2021-Q4, in the OECD countries GDP grew by 1.20 percent relative to 2021-Q3 and by 4.90 percent relative to 2020-Q4. The unemployment rate decreased by almost half a percentage point compared to the previous quarter. The inflation rate reached 1.75% relative to the previous quarter, and a much higher 5.89 percent compared to 2020-Q4. According to the OECD economic outlook, GDP is expected to continuously grow and to stabilize at an annual growth rate of about 5.0 percent towards the end of 2022, and unemployment is going to gradually decline, reaching 5.0 percent by 2023. Inflation is expected to be strong throughout the following quarters, exceeding 4.0 percent, and to stabilize around 3.0 percent afterwards.

April 2022