Global growth will weaken to 2.9 percent: OECD report
But world economic expansion will improve in 2016 and 2017, the Organization for Economic Co-operation and Development says in a new report
Global growth will weaken in 2015 to 2.9 percent, the Organization for Economic Co-operation and Development (OECD) said in its twice-yearly Economic Outlook report released on Monday.
Slower growth is due to a further sharp downturn in emerging market economies and world trade, the report said.
But the OECD projects a gradual strengthening of global growth in 2016 and 2017 to an annual 3.3 percent and 3.6 percent, respectively. But a clear pick-up in activity requires a smooth rebalancing of activity in China and more robust investment in advanced economies, according to the report.
Emerging market challenges, weak trade and concerns about potential output suggest higher downside risks and vulnerabilities compared with the OECD’s June Economic Outlook, the report said.
Presenting the Outlook in Paris, OECD Secretary-General Angel Gurria said: “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. G-20 leaders meeting in Antalya need to renew their efforts to secure strong, sustainable and balanced growth.”
