OECD Maintains World Growth Outlook But Warns Recovery Is Weak
OECD Maintains World Growth Outlook But Warns Recovery Is Weak
Organisation for Economic Cooperation and Development forecast growth of 3.7 per cent next year. Karl Hilzinger
22 September, 2017, 00:44
OTTAWA-The Organization for Economic Co-operation and Development raised its expectations for economic growth in Canada on Tuesday as the country is expected to top the G7.
The Reserve Bank says the global economy is in better shape than it was a year ago.
The OECD maintained its Canadian outlook for 2018 at 2.3 per cent.
As China's economic fundamentals improve, global institutions have generally raised their forecasts of China's growth and expressed more confidence in the country's prospects in recent months, although indicators have pointed to slight weakening of the economy in August.
The 2017 forecast is unchanged from its June calculation, while the 2018 rate has been revised upwards from 3.6% earlier this year. Monetary policy should remain accommodative in some economies but with an eye on financial stability so as to remain supportive of further rebalancing towards fiscal and structural initiatives.
Despite unemployment falling to below 4.5pc the think-tank claims weak levels of productivity and wage growth has led it to foresee a slowing of the United Kingdom economy in 2018.
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The economist also stressed that structural efforts must be intensified to bolster the nascent investment recovery, to address slow productivity growth and to ensure the recovery yields benefits for all. "A further slowing is expected in 2018, while uncertainty remains over the outcome of negotiations around Brexit", it stated.
While presenting these latest forecasts, OECD chief economist Catherine L. Mann said the world economy is in a positive place right now.
Canadian growth is projected at 3.2 percent this year and 2.3 percent in 2018.
Last June, the organization lifted Turkey's growth forecast for the year to 3.4 percent, up from 3.3 percent, while the annual growth rates were 6.1 percent in 2015 and 3.2 percent last year.
Growth in the major emerging market economies has improved overall, helped by a rebound in some commodity producers and public infrastructure investment in China, although growth remains subdued in a number of oil-exporting economies.
However, the tax should lead to higher investment, productivity and growth in the long term, the OECD said. The forecast for 2018 is unchanged at 1.6 percent growth.
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