Economy

OECD Thinks Eurozone Will Grow as Much as US This Year

OECD Thinks Eurozone Will Grow as Much as US This Year”

For emerging countries, the OECD raised by 0.2 per centage point its forecast for China's economy to expand this year, to 6.8 per cent.

Overall, the global outlook from the OECD has improved, with the institution increasing its prediction for GDP growth for 2018 from 3.6pc to 3.7pc; citing increased investment, increased trade and employment. - Reuters picPARIS, Sept 20 -The rebound in global growth is not yet secure, the OECD warned today, with weak investment by businesses and slow growth in trade and wages raising doubts whether the current momentum will be sustained.

The UK's GDP growth will drop from 1.6% this year to 1% next year, in line with the OECD's previous forecast, but Italy's national income will grow by 1.2% next year, up 0.4 percentage points from the forecast in the June. That means the OECD is expecting eurozone growth this year to match the USA rate, which it left unchanged.

The global economy is set for a further uptick next year, but strong sustainable, and inclusive medium-term growth is not yet secured, the Organisation for Economic Co-operation and Development said in its Interim Economic Outlook, released Wednesday.

"Structural efforts need to be intensified to bolster the nascent investment recovery, to address slow productivity growth and to ensure the recovery yields benefits for all". Rising corporate profits should help strengthen business investment through 2018, but low wage growth and fiscal consolidation are likely to weigh on activity in 2018, when growth is expected at 1.2%. "Monetary policy should remain accommodative in some economies but with an eye on financial stability so as to remain supportive of further rebalancing towards fiscal and structural initiatives". The outlook for 2018 was similarly raised, to 6.6 per cent. The growth outlook for 2018 was cut by 0.5 point to 7.2 per cent.



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