Global growth in the second quarter of 2026 was stronger than we had expected in June, as global oil markets adjusted more smoothly than anticipated to the closure of the Strait of Hormuz. Continued AI related investment and trade also supported activity, helping to offset the drag from higher energy costs. However, the renewed intensification of the conflict in the Middle East has triggered another surge in energy prices, which is expected to weigh on growth over the coming quarters.
Economics Department
The OECD Economics Department analyses global and national economic developments, produces economic forecasts and helps governments design policies that improve living standards, strengthen resilience and support sustainable growth.
From the Chief Economist
Chart of the week: Global growth is proving more resilient than anticipated
Latest speeches and presentations
What we do
We combine country expertise, comparative analysis and economic research to help policymakers understand current challenges, anticipate emerging risks and identify effective policy responses.
Understand economic developments
We monitor the global economy and individual countries, assessing economic performance, near-term prospects and the risks surrounding the outlook.
Identify policy priorities
We analyse the structural factors that shape productivity, employment, investment, resilience and living standards, helping countries identify priorities for reform.
Support international co-operation
We bring governments together to exchange evidence, review one another’s policies and develop shared responses to economic challenges that extend across borders.
How we work with countries
The Economic and Development Review Committee (EDRC) is at the core of the OECD’s peer review mechanism. With representatives of all OECD governments and the European Commission it examines structural economic trends and policies in member and partner countries. Each economy is reviewed about every two years, its performance assessed, and recommendations made.
The results are published as a country Economic Survey. The aim is to promote a better understanding of a country’s situation and challenges, and set out ways to improve policy. The Surveys are reports of the committee and are agreed by consensus adding weight to the conclusions.
The Economic Policy Committee (EPC) reviews and provides surveillance to spot both short- and longterm economic challenges. Made up of senior officials from member countries, the EPC relies on the work of three key working groups. The first (STEP) focuses on short-term economic prospects, the second (WP1) on medium-term economic trends. These perspectives help the EPC judge both immediate risks and important changes and pressures that may be on the horizon.
The third group (WP3) brings together the most senior officials from Finance Ministries and Central Banks from 10 of the OECD’s original members. Its focus is international stability and sustainability risks and the ways in which national decisions—in particular monetary and fiscal policies—interact and affect the system as a whole. The size of the group, meeting under Chatham House rules, ensures candour and genuine interaction.
Chief Economist and Directors
Set the Department’s strategic direction, oversee its work programme and budget, and advise the Secretary-General on economic issues. They also represent the OECD in international fora.
Country Studies Branch
- Produces country-specific analysis for the OECD Economic Surveys.
- Delivers short-term economic analysis and forecasts for the OECD Economic Outlook.
- Contributes country expertise to Foundations for Growth and Competitiveness.
Policy and Research Branch
- Produces in-depth cross-country research on macroeconomic and structural policy issues.
- Coordinates production of the OECD Economic Outlook.
- Coordinates Foundations for Growth and Competitiveness.
Leadership
Stefano Scarpetta
OECD’s Chief Economist, Head of the OECD Economics Department and G20/G7 Finance Deputy.
Luiz De Mello
Director of the Country Studies Branch
Asa Johansson
Director of Policy and Research Branch
Isabell Koske
Deputy Director of Country Studies Branch
Filiz Unsal
Deputy Director of the Policy and Research Branch
