The overarching challenge of COVID-19 is expected to impair the growth rates in almost all economies over the medium-term. The average OECD growth rate will stand at 0.7% p.a. in the period from 2019 to 2025,
For non-OECD countries, GDP is expected to grow by 3.4% p.a. on average during the same period, which is more than 1 percentage point lower compared to past projections. In the long-term, incremental GDP growth will be mainly driven by non-OECD countries. These countries are expected to grow by 3.7% p.a. on average between 2019 and 2045, largely on theback of improving labour productivity, even as the pace of GDP growth begins to slow.
| 2019-2025 | 2025-2035 | 2035-2045 | 2019-2045 | |
| OECD America | 1.0 | 2.3 | 2.3 | 2.0 |
| OECD Europe | 0.4 | 1.7 | 1.6 | 1.4 |
| OECD Asia Oceania | 0.7 | 1.3 | 1.2 | 1.1 |
| OECD | 0.7 | 1.9 | 1.9 | 1.6 |
| Latin America | 0.6 | 2.3 | 2.3 | 1.9 |
| Middle East & Africa | 2.3 | 3.8 | 4.4 | 3.7 |
| India | 4.9 | 6.3 | 5.4 | 5.6 |
| China | 4.9 | 4.2 | 2.8 | 3.9 |
| Other Asia | 3.2 | 4.2 | 3.4 | 3.7 |
| OPEC | 1.0 | 3.0 | 3.1 | 2.6 |
| Russia | 0.6 | 1.5 | 1.3 | 1.2 |
| Other Eurasia | 1.7 | 2.8 | 2.2 | 2.3 |
| Non-OECD | 3.4 | 4.2 | 3.5 | 3.7 |
| World | 2.3 | 3.3 | 3.0 | 2.9 |
Source: OPEC