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OECD lowers growth forecasts for global economy

by ChemOrbis Editorial Team -
  • 09/11/2015 (16:50)
According to media reports, the Organization for Economic Cooperation and Development (OECD) cut their global economic growth forecasts amid the persistent deceleration in the Chinese economy as well as slower economic growth in emerging markets. According to the OECD, the world economy will expand 2.9% this year and 3.3% in 2016, down from its previous estimates of 3% and 3.6%, respectively in September.

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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