The Organisation for Economic Co-operation and Development has raised its projection for global economic growth for 2024 to 3.1 percent, up two-tenths of a percentage point from its previous projection, thanks to a faster than expected fall in inflation.

The OECD released its latest Economic Outlook ahead of the opening of an OECD Ministerial Council meeting in Paris on Thursday.

The OECD says the upgrade from its previous projection in February is due to a faster than expected drop in inflation, as well as higher than projected growth in the United States and many emerging economies.

The OECD has also raised its projection for global growth next year by two-tenths of a percentage point to 3.2 percent on expectations that major central banks will start cutting interest rates as inflation falls.

With regard to short-term risks to the global economy, the OECD cites a possibility that geopolitical tensions in the Middle East could cause disruptions in energy markets, which may lead to a resurgence of inflation.

The OECD projects the Japanese economy will grow by 0.5 percent this year, a downgrade of half a percentage point from its previous forecast.

However, the OECD says Japan's economy will grow 1.1 percent next year, as real wage increases and planned temporary tax cuts support domestic demand.