OECD predicts fastest global growth in six yrs

The OECD has predicted the global economy is set to grow 3.5per cent  this year, its best performance since 2011, with growth nudging up to 3.6per cent  in 2018, ,reports BBC.
It is a slight improvement on the think tank’s 3.3per cent  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 1.6per cent  in 2017 and 1per cent  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.
On the UK economy, the OECD said it will slow in the coming years as Brexit uncertainty hampers growth and consumers endure a spending squeeze caused by higher prices and lower wages.
Its economic forecast said: “Households are expected to continue to support their consumption by further reducing their saving rate.
“Business investment is projected to contract amid the large uncertainty and because of lower corporate margins.”
German growth has helped boost the eurozone economy, with forecasts at 1.8per cent  both this and next year, up from 1.6per cent  for 2017 and 2018 respectively.

OECD predicts fastest global growth in six yrs

The OECD has predicted the global economy is set to grow 3.5per cent this year, its best performance since 2011, with growth nudging up to 3.6per cent in 2018, ,reports BBC. It is a slight improvement on the think tanks 3.3per cent 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 1.6per cent in 2017 and 1per cent in 2018 remained unchanged from its March prediction. Despite the OECDs 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 were moving from very bad to mediocre. It doesnt 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 peoples expectations for a better standard of living or greater equality. Growth continues to fall short of rates seen before the 2008-09 financial crisis. On the UK economy, the OECD said it will slow in the coming years as Brexit uncertainty hampers growth and consumers endure a spending squeeze caused by higher prices and lower wages. Its economic forecast said: Households are expected to continue to support their consumption by further reducing their saving rate. Business investment is projected to contract amid the large uncertainty and because of lower corporate margins. German growth has helped boost the eurozone economy, with forecasts at 1.8per cent both this and next year, up from 1.6per cent for 2017 and 2018 respectively.