OECD Says Global Growth Slowing; Cuts Global Growth Forecasts

OECD Says Global Growth Slowing; Cuts Global Growth Forecasts”

The OECD also projected a deceleration in US growth to 2.6 percent this year from a previous estimate of 2.7 percent mainly due to the impact of re-imposed tariffs.

Meanwhile, trade restrictions imposed a year ago - notably by the United States and China - are "a drag on growth, investment and living standards, particularly for low-income households", the OECD said.

It too is expected to downgrade its economic forecasts, but analysts say it will not panic just yet, although any rate hikes from the European Central Bank are seen to be off the table until 2020 at least. According to the OECD's latest Interim Economic Outlook, published on March 6, the German economy is forecast to grow just 0.7 percent in 2019.

"Output continues to contract in Argentina, following the financial market turmoil experienced previous year and the subsequent tightening of fiscal and monetary policies", the OECD said in its latest report.

The gloomy economic outlook for the eurozone looks set to darken further, after the Organisation for Economic Cooperation and Development (OECD) slashed growth rates for several countries central to Europe's prosperity. As the main reason for the weakness of the slower-growing world economy, the European Export champion Germany is particularly dependent.

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"A sharper slowdown in any of the major regions could derail activity worldwide, especially if it spills over to financial markets", Boone added in a statement. The projection for next year was raised to 2.2 percent.

OECD Chief Economist Laurence Boone claimed that current trade talks between China and the U.S. offered little hope.

Here, the OECD expects a growth of 2.6 per cent, to be followed by 2020, an increase of 2.2 percent. "Governments should intensify multilateral dialogue to limit risks and coordinate policy actions to avoid a further downturn", Ms Boone said.

A slowdown showdown: Brexit and trade tensions leave European economic growth grinding to a near-halt. The gross domestic product to shrink in 2019, by 0.2 percent, in 2020, a slight increase of 0.5 percent. Significantly, the forecast for the United Kingdom, the want to escape this month from the EU.

China growth forecast is unchanged at 6.0% in 2020.

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