The OECD expects global economic growth to be the slowest in a decade this year

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      In its economic outlook, the OECD said it expects global economic growth to fall to 2.9% this year and next, the lowest level in a decade, and its forecast for 2020 to 2.9% from 3.0% in September.
It is a little comforting that the OECD, based in Paris, predicts that the global economic growth will rise slightly to 3.0% in 2021, but only if a series of risks, from the trade war to the unexpected sharp slowdown of China's economy, are controlled.
More worrying, however, is the failure of governments to address global challenges such as climate change, economic digitization and the collapse of the multilateral order.
"It would be a policy mistake to see these shifts as temporary factors that can be addressed through monetary or fiscal policy: they are structural," OECD chief economist Laurence Boone wrote in the report
If there is no clear policy direction on these issues, she added, "uncertainty will continue to stand out, undermining growth prospects."
Among the major economies, the OECD expects us economic growth to be 2.3% this year, lower than the 2.4% forecast in September, due to weaker fiscal stimulus from tax cuts in 2017 and a weak US trading partner economy.


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