OECD trims economic growth forecast
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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