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OECD cuts global growth forecast on weak trade

by ChemOrbis Editorial Team -
  • 21/09/2016 (17:40)
According to media reports, the Organization for Economic Cooperation and Development (OECD) cut their global economic growth forecasts by 0.1% for 2016 to a forecast of 2.9% growth and by 0.1% to 3.2% for 2017. Declining trade growth is contributing to weaker world economic output, the OECD stated. They noted that the overall volume of trade fell in the first quarter of this year and that it will not reach its target for the full year. They warn that growing protectionism is threatening a key.

For the US economy, the OECD is now expecting to see a growth rate of 1.4% this year, lower than the 1.8% estimated in June. For the eurozone economy, economic growth projections were trimmed by 0.1% to 1.5% while Japan’s outlook was lowered by 0.1% to 0.6%. Meanwhile, the OECD cut UK’S 2017 economic output expectations by 1% after the country’s decision to leave the European Union.
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