Wednesday, 7 June 2017

OECD predicts fastest global growth in six years

The OECD has predicted the global economy is set to grow 3.5% this year, its best performance since 2011, with growth nudging up to 3.6% in 2018.

It is a slight improvement on the think tank's 3.3% estimate, which it predicted in March.

The OECD said increased trade and investment flows had offset a weaker outlook in the US.

It said UK growth forecasts of 1.6% in 2017 and 1% in 2018 remained unchanged from its March prediction.

Despite the OECD's upgrade to its global growth forecast, secretary general, Angel Gurria remained downbeat:
"Everything is relative. What I would not like us to do is celebrate the fact we're moving from very bad to mediocre.

"It doesn't mean that we have to get used to it or live with it. We have to continue to strive to do better."

He warned that the improved outlook could be damaged by protectionism and it was not strong enough to satisfy people's expectations for a better standard of living or greater equality.

Growth continues to fall short of rates seen before the 2008-09 financial crisis.

BBC        News.