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- OECD downgrades its global growth outlook
OECD downgrades its global growth outlook
The Organization for Economic Cooperation and Development (OECD) released its growth forecast on Wednesday. The OECD downgraded its global growth outlook.
"The global economy is projected to strengthen, but the pace of recovery remains weak and investment has yet to take off," the OECD Secretary-General Angel Gurria.
The OECD expect the U.S. will grow at 2.0% in 2015, down from the previous estimate of 3.1%, and at 2.8% in 2016, down from the previous estimate of 3.0%. The stronger dollar and adverse weather weighed on the U.S. economic growth, according to OECD.
Japan's economy is expected to grow at 0.7% in 2015 and at 1.4% in 2016, down from November estimate of 0.8% for 2015 and up 1.0% for 2016.
Eurozone's forecasts were upgraded to 1.4% in 2015 from the previous estimate of 1.1% and to 2.1% in 2016 from the previous estimate of 1.7%.
China is expected to expand at 6.8% in 2015, down from 7.1% estimate in November. Growth forecast for 2016 was downgraded to 6.7% from the previous estimate of 6.9%.
Global GDP is estimated to grow 3.1% in 2015 and 3.8% in 2016, down from 3.6% and from 3.9%.
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