The Organisation for Economic Co-operation and Development OECD has predicted the global economy is set to grow three-point-five percent this year, its best performance since 2011, with growth nudging up to three-point-six percent in 2018. It is a slight improvement on the think tank’s thre-point-three percent estimate, which it predicted in March.
The OECD said UK growth forecasts of one-point-six percent in 2017 and one percent in 2018 remained unchanged from its March prediction. German growth has helped boost the Eurozone economy, with forecasts at one-point-eight percent both this and next year, up from one-point-six percent for 2017 and 2018 respectively.
The think tank downgraded its outlook for the US, despite a weaker dollar boosting exports and tax cuts supporting household spending and business investment. The OECD forecast US growth of two-point-one percent this year and two-point-four percent in 2018.
This is down from March when it estimated a two-point-four percent increase in US growth this year and two-point-eight percent for 2018.