OECD lowers growth forecasts for global economy
For the Chinese economy, the OECD is expecting to see a growth rate of 6.8% in 2015 and 6.5% in 2016 compared with a growth rate of 7.4% in 2014. According to the organization, weaker demand from China has already hit some emerging markets like Brazil and economic challenges for emerging economies have increased. Brazil’s economy will contract 3.1% this year and 1.2% next year compared with its previous estimates of 2.8% and 0.7%, respectively in September. Japan’s gross domestic product (GDP), meanwhile, is expected to grow 0.6% this year and 1% in 2016, stable for 2015 while slower from an earlier growth estimate of 1.2% for 2016.
The OECD also trimmed its economic growth projections for the eurozone by 0.1% for both 2015 and 2016 to 1.5% and 1.8% in 2016, respectively. For the US economy, meanwhile, the organization expects to see a growth of 2.4% this year and 2.5% in 2016 on the back of stronger output and demand.
For the Turkish economy, meanwhile, the OECD kept its 2015 growth forecast at 3.1% while cutting the growth forecast for 2016 to 3.4% from 3.9% due to regional turmoil and slowing Chinese and eurozone economies.
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