OECD releases their latest forecasts for global growth
- Cites policy uncertainty, trade tension and weaker confidence
- Sees US economic growth of 2.6% this year (0.1% lower*)
- Sees US economic growth of 2.2% in 2020
- Sees Eurozone economic growth of 1.0% this year (0.8% lower*)
- Sees Eurozone economic growth of 1.2% in 2020
- Sees China economic growth of 6.2% this year (0.1% lower*)
- Sees China economic growth of 6.0% in 2020
- Sees Japan economic growth of 0.8% this year (0.2% lower*)
- Sees Japan economic growth of 0.7% in 2020
- Sees UK economic growth of 0.8% this year (0.6% lower*)
- Sees UK economic growth of 0.9% in 2020
*compared to November forecasts
It's basically downgrades galore as OECD warns that the worse is yet to come for the global economy. They note that they see a recession risk for the UK if a no-deal Brexit scenario materialises while they say that Italy may be headed for its worst economic performance since 2013.
The organisation also argues that weakness in the Eurozone and China re proving to be more persistent and calls for the ECB to signal lower rates for a longer period.
