The world is stuck in a “low-growth trap” according to the Organisation for Economic Cooperation and Development.
In its latest twice-yearly review, the OECD said with businesses wary of investing and consumers cautious about spending, the global economy will grow only 3.0 percent this year.
The US is predicted to expand its GDP by 1.8 percent, down from the OECD’s previous forecast of 2.0 percent because of weak foreign demand and less investment in the oil and mining sector.
Thanks to an improved outlook for the French and German economies, the OECD believes the eurozone economy will grow by 1.6 percent this year, better than the 1.4 percent it forecast in February, despite fears of the impact of a Brexit.
Read more: OECD pessimistic about global growth, blames rich world governments | euronews, economy
In its latest twice-yearly review, the OECD said with businesses wary of investing and consumers cautious about spending, the global economy will grow only 3.0 percent this year.
The US is predicted to expand its GDP by 1.8 percent, down from the OECD’s previous forecast of 2.0 percent because of weak foreign demand and less investment in the oil and mining sector.
Thanks to an improved outlook for the French and German economies, the OECD believes the eurozone economy will grow by 1.6 percent this year, better than the 1.4 percent it forecast in February, despite fears of the impact of a Brexit.
Read more: OECD pessimistic about global growth, blames rich world governments | euronews, economy
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