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- OECD downgrades its global growth outlook
OECD downgrades its global growth outlook
The Organization for Economic Cooperation and Development (OECD) released its growth forecast on Monday. The OECD downgraded its global growth outlook.
"The slowdown in global trade and the continuing weakness in investment are deeply concerning. Robust trade and investment and stronger global growth should go hand in hand," the OECD Secretary-General Angel Gurria.
The OECD expect the global economy to grow at 2.9% in 2015, down from the previous estimate of 3.0%, and at 3.3% in 2016, down from the previous estimate of 3.6%.
The global economy is expected to expand 3.6% in 2017.
The U.S. economy is expected to grow at 2.4% in 2015, 2.5% in 2016, down from the previous estimate of 2.6%, and 2.4% in 2017.
Japan's economy is expected to grow at 0.6% in 2015 and at 1.0% in 2016, down from its previous estimate of 1.2%, and 0.5% for 2017.
Eurozone's forecasts were downgraded to 1.5% in 2015 from the previous estimate of 1.6% and to 1.8% in 2016 from the previous estimate of 1.9%. Eurozone's economy is expected to expand 1.9%.
China is expected to expand at 6.8% in 2015, up from the previous estimate of 6.7%. Growth forecast for 2016 remained unchanged at 6.5%, while 2017 forecast was 6.2%.
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