+ A
A -
AFP
Paris
The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.
Urging governments to invest in digital and climate transformation, the Organisation for Economic Co-operation and Development said activity had been hobbled by weaker trade and investment in the past two years, as US President Donald Trump and Chinese leaders continue to be locked in a trade conflict.
The OECD now expects economic activity around the world to expand by 2.9 percent next year, a decline of 0.1 percentage points from a previous forecast issued in September.
Growth was likely to remain slow, it said, with expansion in 2020-2021 seen at around 3.0 percent, down from a 3.5 percent rate projected only a year ago.
This was shaping up to be “the weakest rate since the global financial crisis”, according to OECD chief economist Laurence Boone.
Growth this year was also likely to come in at 2.9 percent, the OECD said in its November 2019 Economic Outlook.
Boone noted that “for the past two years, global growth outcomes and prospects have steadily deteriorated”.
Paris
The OECD trimmed its outlook for the global economy on Thursday, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.
Urging governments to invest in digital and climate transformation, the Organisation for Economic Co-operation and Development said activity had been hobbled by weaker trade and investment in the past two years, as US President Donald Trump and Chinese leaders continue to be locked in a trade conflict.
The OECD now expects economic activity around the world to expand by 2.9 percent next year, a decline of 0.1 percentage points from a previous forecast issued in September.
Growth was likely to remain slow, it said, with expansion in 2020-2021 seen at around 3.0 percent, down from a 3.5 percent rate projected only a year ago.
This was shaping up to be “the weakest rate since the global financial crisis”, according to OECD chief economist Laurence Boone.
Growth this year was also likely to come in at 2.9 percent, the OECD said in its November 2019 Economic Outlook.
Boone noted that “for the past two years, global growth outcomes and prospects have steadily deteriorated”.
