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OECD Lowers Global Growth Forecast
The Organization for Economic Cooperation and Development has lowered its growth estimate for this year's global gross domestic product to 2.7% from the 3.1% it forecast six months ago.
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The Organization for Economic Cooperation and Development has lowered its growth estimate for this year's global gross domestic product to 2.7% from the 3.1% it forecast six months ago.
The Paris-based group, which represents the world's 30 largest economies, also trimmed its forecast for next year to 3.6% from 4%. It expects the world's GDP to expand 3.9% in 2015.
OECD Chief Economist Pier Carlo Paodan warns of a "potentially catastrophic crisis" over America's debt ceiling and describes the country's brinkmanship over fiscal policy as a "key risk" that could ripple through other economies and slow growth worldwide.
Paodan says downside risks dominate the world's economic future and must be addressed. He warns that policy inaction or mistakes by governments everywhere could cause "much more severe" consequences than the economic turmoil seen in the past few years.
Paodan also describes continuing weakness in the eurozone's banking system as a "major drag" on the region's economic recovery.
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