The Organization for Economic Cooperation and Development on Wednesday revised up its forecast for global economic growth in 2023, reflecting a fall in crude oil prices and China's buoyant economy.

In its latest Economic Outlook report, the OECD said the world economy is expected to expand 2.7 pct this year, up by 0.1 percentage point from its projection as of March.

Meanwhile, the OECD kept its 2024 global growth forecast intact at 2.9 pct, warning of significant uncertainty and downside risks, including concerns about further interest rate hikes amid elevated inflation.

"The global economy is turning a corner but faces a long road ahead to attain strong and sustainable growth," OECD Chief Economist Clare Lombardelli said in the report.

The OECD raised its 2023 growth forecasts for the United States to 1.6 pct, for China to 5.4 pct and for the euro area to 0.9 pct. Meanwhile, the growth forecast for Japan was cut to 1.3 pct, as the country's exports were weaker than expected in January-March and price hikes are likely to weigh on consumption there.