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OECD Cuts U.S. Economic Growth Forecast 35%
The U.S.'s gross domestic product will expand only 2% this year and 2.8% in 2016 compared with estimates in November of 3.1% and 3.0%, predicts the Organization for Economic Cooperation and Development.
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The U.S.'s gross domestic product will expand only 2% this year and 2.8% in 2016 compared with estimates in November of 3.1% and 3.0%, predicts the Organization for Economic Cooperation and Development.
OECD says growth in the global economy was unexpectedly weak in the first quarter, grading the result as a "muddling-through" B-minus. The Paris-based think tank points out that worldwide economic expansion in the first quarter of 2015 slowed to its weakest pace since the economic crisis six years ago.
The group predicts the world economy will expand 3.1% this year and 3.8% in 2015. Those rates compare with OECD's forecasts last November of 3.6% and 3.9%, respectively. Faster growth isn't likely until capital spending improves, according to the group's latest Economic Outlook report.
OECD now anticipates China's GDP will expand 6.8% this year, down from 7.1%. It says the eurozone will grow 1.4% in 2015 and 2.1% next year, up from previous forecasts of 1.1% and 1.7%, respectively.
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