An employee works at the factory of metal fabricators LeeMark Spinnings, in Birmingham, central England, on June 7, 2023. (PHOTO / AFP)

PARIS - A stronger than expected US economy is helping to keep a global slowdown in check this year, the OECD said on Tuesday.

After expanding 3.3 percent last year, global gross domestic product growth is on course to slow to 3.0 percent this year, the Organisation for Economic Development said in the latest update of its forecasts for major economies.

While that was an upgrade from 2.7 percent in the OECD's June outlook, global growth was expected to slow to 2.7 percent in 2024 - down from its estimate of 2.9 percent in June.

The Organisation for Economic Development said it now expected the US economy to grow 2.2 percent this year rather than the 1.6 percent it forecast in June

The Paris-based body said it now expected the US economy to grow 2.2 percent this year rather than the 1.6 percent it forecast in June as US growth proves more resilient than most economists expected in the face of a series of rate hikes.

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Nonetheless, it was likely to slow next year to 1.3 percent, though that was better than the 1.0 percent for 2024 expected in June.

The improved US outlook for this year helped offset weakness the euro zone, dragged down by Germany - the only major economy expected to be in recession.

The OECD cut the euro zone's growth outlook this year to just 0.6 percent from 0.9 percent in June, but forecast it would pick up next year to 1.1 percent - down from 1.5 percent in June - as Germany returned to growth.

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Though the growth outlook for next year would mostly be weak, the OECD said central banks should keep interest rates high until clear signs inflationary pressures have subsided.