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Financial News: OECD Says Global Growth Strengthening But Challenges Remai

OECD Says Global Growth Strengthening But Challenges Remain

11/28/2017 - 07:36:00 (RTTNews)

(RTTNews) - Global economic growth is set to improve slightly next year but longer-term challenges inhibit stronger, more inclusive and more resilient economies, the Organisation for Economic Co-operation and Development said Tuesday.

The Paris-based think tank also said that the UK economy will lag behind other major economies due to the Brexit uncertainties.

In its biannual Economic Outlook, the OECD said the global economy will grow 3.6 percent this year, which is faster than the 3.5 percent projected in September.

The growth outlook for 2018 was retained at 3.7 percent, the best in at least seven years, while the rate was projected to ease slightly to 3.6 percent in 2019.

"Growth has picked up momentum and the short-term outlook is positive, but there are still clear weaknesses and vulnerabilities," said OECD Secretary-General Angel Gurria.

"There is a need to focus structural and fiscal action on boosting long-term potential as monetary policy support is reduced."

Gurria urged countries to implement reform packages that catalyze the private sector to promote productivity, higher wages and more inclusive growth.

In the United States, growth was estimated at 2.2 percent this year, rising to 2.5 percent in 2018, then dropping back to 2.1 percent in 2019, the OECD said. The outlook for this year was raised from 2.1 percent and that for 2018 from 2.4 percent.

The euro area was expected to grow at a pace of 2.4 percent this year and a 2.1 percent pace in 2018, before slowing to a 1.9 percent pace in 2019. In September, the OECD had projected 2.1 percent expansion this year and 1.9 percent next year.

In Germany, growth is set to slow to 2.3 percent in 2018 from an estimated 2.5 percent this year. The growth rate was seen at 1.9 percent in 2019.

At the same time, France was projected to expand 1.8 percent over the 2017-18 period and 1.7 percent in 2019, while Italy is set to see a 1.6 percent growth rate this year, a 1.5 percent rate in 2018 and a 1.3 percent rate in 2019, the think tank said.

Due to continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power, the U.K.'s growth slowdown was expected to continue through 2018.

The OECD forecast the UK economy to grow by 1.5 percent this year, 1.2 percent in 2018 and 1.1 percent in 2019.

Growth in Japan was projected at 1.5 percent for 2017 and to remain close to 1 percent in 2018 and 2019 as fiscal consolidation resumes and the decline in the working-age population accelerates.

The OECD forecast 6.8 percent growth in China this year, 6.6 percent in 2018, and 6.4 percent in 2019, partly reflecting the ongoing rebalancing in China's growth model. In India, growth is projected at 6.7 percent in 2017 and 7.0 percent in 2018, before picking up to a 7.4 percent rate in 2019, thanks to reforms that are expected to boost investment, productivity and growth, the agency said.

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