Economic growth has remained “resilient” in many countries despite the war in the Middle East, the Organisation for Economic Co-operation and Development (OECD) says as it slightly raises its GDP forecasts for the year.

Global economic growth is now seen at 2.9 per cent, a 0.1-point increase from estimates in June by the Paris-based group of 38 industrialised countries.

Even though energy prices have soared since the United States and Israel launched strikes against Iran in February, the OECD has noted that “broader financial conditions remain supportive”, as seen in rising equity markets and continued access to credit.

“Sizeable oil inventories, additional supply from outside the Gulf economies and discretionary government support measures all helped to cushion the impact on the global economy,” the group says in its quarterly update.