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OECD says world economy set to grow less than estimated


economy

OECD says world economy set to grow less than estimated

The outlook for the world economy is less bright than it was a few months ago, according to the OECD.

The Paris-based Organisation for Economic Cooperation and Development has revised its estimates for growth.

The global economy is set to grow 3.0 percent this year and 3.6 percent in 2016, slightly down from its June forecasts of 3.1 and 3.8 percent respectively.

There are some bright spots. The US economy is set to grow more than was predicted this year, according to the OECD – by 2.4 percent compared to June’s forecast of 2.0 percent.

However it has lowered its forecast for next year, with growth expected to be 2.6 percent compared to 2.8 percent previously.

The outlook in the eurozone is the brightest for four years – with growth forecast at 1.6 percent this year and 1.9 percent in 2016.

But the organisation believes the bloc should be growing by a full percentage point faster.

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