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Economic Buzz: OPEC hikes global growth forecast for 2026

12-Nov-26 10:12 Hrs IST

The Organization of the Petroleum Exporting Countries (OPEC) revised upward its projection for global economic expansion in 2026 from 3% to 3.1% within its November report released on Wednesday. The outlook for 2027 remains unchanged at 3.2%.

OPEC projected that the United States' gross domestic product (GDP) will increase by 2.3% in 2026 and 2.1% in 2027, marking upward revisions of 0.1 percentage points for both forecasts. The Eurozone’s economic expansion is now anticipated at 1% in 2026 and 1.1% in 2027, representing adjustments of 0.2 and 0.1 percentage points, respectively. China’s growth estimates were maintained at 4.6% in 2026 and 4.5% in 2027. Russia’s economy is forecasted to grow by 1% in 2026 and 1.5% in 2027, reflecting a downward adjustment of 0.1 percentage points to the initial projection while retaining the subsequent figure.

OPEC anticipates the global economy will sustain its strength through 2027, underpinned by advances within the artificial intelligence sector and continued consumer outlays.

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