OECD lowered global growth forecast by -0.2% to 3.3% in 2019 and by -0.1% to 3.4% in 2020. G20 growth forecast was lowered by -0.2% to 3.5% in 2019, and kept unchanged at 3.7% in 2020.

In the Interim Economic Outlook, it’s noted that Chinese and European slowdown, and weakening global trade growth are the principal factors weighing on the world economy. Also, OECD warned that further trade restrictions and policy uncertainty could bring “additional adverse effects”. For China, while policy stimulus should offset weak trade development, “risks remains of a sharper slowdown” that would hit global growth and trade.

“The global economy is facing increasingly serious headwinds,” said OECD Chief Economist Laurence Boone. “A sharper slowdown in any of the major regions could derail activity worldwide, especially if it spills over to financial markets. Governments should intensify¬† multilateral dialogue to limit risks and coordinate policy actions to avoid a further downturn,” Ms Boone said.

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Here are some details:

  • World growth forecast is lowered from 3.5% to 3.3% in 2019.
  • World growth forecast is lowed from 3.5% to 3.4% in 2020.
  • G20 growth forecast is lowered from 3.7% to 3.5% in 2019.
  • G20 growth forecast is unchanged at 3.7% in 2020.
  • US growth forecast is lowered from 2.7% to 3.6% in 2019.
  • US growth forecast is raised from 2.1% to 2.2% in 2020.
  • Eurozone growth forecast is lowered from 1.8% to 1.0% in 2019.
  • Eurozone growth forecast is lowered from 1.6% to 1.2% in 2020.
  • UK growth forecast is lowered from 1.4% to 0.8% in 2019.
  • UK growth forecast is lowered from 1.1% to 0.9% in 2020.
  • Japan growth forecast is lowered from 1.0% to 0.8% in 2019.
  • Japan growth forecast is unchanged at 0.7% in 2020.
  • China growth forecast is lowered from 6.3% to 6.2% in 2019.
  • China growth forecast is unchanged at 6.0% in 2020.

Lastest OECD forecasts:

November OECD forecasts:

Full release here.

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