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World Economic Growth Headed for 10-Year Low?
Growth in the global economy is sliding toward its lowest pace since the Great Recession a decade ago, says the Paris-based Organization for Economic Cooperation and Development.
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Growth in the global economy is sliding toward its lowest pace since the Great Recession a decade ago, says the Paris-based Organization for Economic Cooperation and Development.
OECD’s latest forecast says rising trade conflicts are eroding confidence and investment, thereby threatening already-weak growth outlooks.
The organization’s new forecast lowers the estimates made fourth months ago for China, the eurozone and Germany. OECD now predicts the global economy will expand only 2.9% this year and 3.0% in 2020 compared with 3.6% in 2018.
Growth in the U.S. economy will slow from 2.9% in 2018 to 2.4% next year and 2.0% in 2020, according to the group. It says annual expansion in China’s economy over the same period will be 6.6%, 6.1% and 5.7%.
Growth for the eurozone will shrink from 1.9% last year to 1.1% in 2019 and 1.9% next year, OECD says. Germany’s economy will be the main drag, slowing from 1.5% in 2018 to 0.5% this year, and then rising only to 0.6% in 2020.
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