Customers shop at a Home Depot store on July 25, 2023 in San Rafael, California, US. (PHOTO / AFP)

PARIS — The global economy is expected to slow down slightly next year as a result of tightening monetary policies, weak trade and lower business and consumer confidence, the Organization for Economic Cooperation and Development (OECD) said Wednesday.

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Its latest economic outlook report projected the global GDP growth at 2.9 percent in 2023, followed by a mild slowdown to 2.7 percent in 2024 and a slight improvement to 3 percent in 2025.

Asia is expected to continue to account for the bulk of the global growth in 2024-25, as it does in 2023, the report said.