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OECD cuts growth forecasts for global economy

by ChemOrbis Editorial Team -
  • 18/02/2016 (16:43)
According to media reports, the Organization for Economic Cooperation and Development (OECD) cut their global economic growth forecasts as the Chinese, Brazilian, German and US economies are slowing and some emerging markets are facing risks from exchange rate volatility. According to the OECD, the world economy will expand 3% this year, 0.3% less than their earlier estimates in November.

For the Chinese economy, the OECD is expecting to see a growth rate of 6.5% in 2016 and 6.2% in 2017, stable from earlier estimates while the Brazilian economy is expected to contract 4% this year, steeper than its previous estimate of a 2.8% decline. Brazil’s economy shrank 3.8% in 2015. The OECD also cut its estimates both for the US and German economies by 0.5%. The German economy will grow 1.3% this year and 1.7% in 2017 while the US economy will expand 2% this year and 2.2% next year.

The organization reported that the US economy is being weighed down by weaker exports stemming from a stronger dollar and lower energy investments in line with a slump in crude oil prices.
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