OECD cuts growth forecasts for global economy
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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