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The OECD raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.

The world economy is now expected to grow 3.0 per cent this year, up from the 2.7 per cent forecast in the June outlook of the Organisation for Economic Co-operation and Development.

But it said global growth was projected to remain "sub-par," slowing to 2.7 per cent next year — down from 2.9 per cent in the previous forecast.

"After a stronger-than-expected start to 2023, helped by lower energy prices and the reopening of China, global growth is expected to moderate," the OECD said in its report.

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