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OECD trims economic growth forecast

by ChemOrbis Editorial Team -
  • 16/09/2015 (17:58)
According to media reports, the Organization for Economic Cooperation and Development (OECD) trimmed their global economic growth forecast due to the ongoing slowdown in China’s economy as well as uncertainty in financial markets. According to the OECD, the world economy will expand 3% this year, down from its previous estimate of 3.1% in June.

For the Chinese economy, the OECD is expecting to see a growth rate of 6.7% in 2015 and 6.5% in 2016 compared with a growth rate of 7.4% in 2014. The OECD also reported that weaker demand from China stemming from a slowing economy and lower commodity prices have already hit some emerging markets like Brazil. According to the organization, Brazil’s economy will contract 2.8% this year compared with its previous estimate of 2% in June.

However, the OECD raised its economic growth projections for the eurozone by 0.1% for 2015 while cutting its 2016 growth forecasts to 1.9% from June’s 2.1%.

Meanwhile, regarding the US Federal Reserve’s (Fed’s) eagerly anticipated rate decision, the OECD said that the bank should raise rates very gradually so as not to undermine global growth.
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