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OECD cuts global growth forecasts

by ChemOrbis Editorial Team - content@chemorbis.com
  • 03/06/2015 (16:20)
According to media reports, the Organization for Economic Cooperation and Development (OECD) cut their global growth forecast for this year due to the US’ slower economic growth than expected in the first quarter, the persistent deceleration in China’s economy and risks in the eurozone stemming from Greece’s possible exit from the bloc.

According to the OECD, the world economy will expand 3.1% this year, down from its previous estimate of 3.7% in October. In 2014, the global economy expanded 3.3%. The organization also listed subdued investment and weaker confidence stemming from a possible Greek default among the reasons behind their downwardly revised growth outlook.

For the US economy, the OECD is expecting to see a growth rate of 2% this year compared with its previous estimate of 3.1% while China is expected to grow 6.8% in 2015, down from the previous forecast of 7.4%, according to the organization.

However, the OECD expects economic growth in the eurozone to improve in 2015 on the back of the European Central Bank’s (ECB) stimulus program. According to the OECD, the region’s gross domestic product (GDP) will expand 1.4%, up from 0.9% in 2014.
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