Daily Management Review

OCED Revises Global Economic Growth To 3.6 Percent For 2017


OCED Revises Global Economic Growth To 3.6 Percent For 2017
It is expected that the global economy would grow at the rate of 3.7 percent in the year 2018 and for the current year, it is estimated to clock a growth rate of 3.6 percent this year. The anticipated rate of growth would be the best for the all of the world economies combined since 2011.
This estimation was announced by the Paris-based Organisation for Economic Cooperation and Development (OECD) recently.
"The world economy has strengthened, with monetary and fiscal stimulus underpinning a broad-based and synchronized improvement in growth rates across most countries," the OECD said.
The OCED said that for the Euro zone, the rate of economic c growth would touch 2.4 percent for the current year of 2017 while it would go down a touch to 2.1 percent in 2018. The present growth is expected to be driven by some significant and unexpected growth rates in some of the European countries in the present year, it said.
"The revised projections reflect stronger-than-expected performance in the first half of 2017, in the context of rising employment, accommodative monetary policy and stronger consumption growth and investment," the OECD said.
Due to significant and "continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power," and because of the fact that U.K economy has had and is presenting a continued slowdown in economic growth, the OCED has predicted a mixed rate of growth for Britain’s economy. 
"Expansion in the major emerging market economies is improving on the back of renewed infrastructure investment in China and recovery from recession in major commodity-exporting economies" said the Paris-based organization in its updated economic outlook.
Compared to the previous estimation by the OCED, the present forecast for China has been pushed up by two percentage points and the agency now predicts that the growth rate for  the second largest economy of  the world would be 6.8 percent for the current year of 2017 and a rate of 6.6 percent by the year 2018, because of "the ongoing rebalancing in China's growth model," it said.
"Growth has picked up momentum and the short-term outlook is positive," said OECD Secretary-General Angel Gurria.
However, he warned that "there are still clear weaknesses and vulnerabilities," stressing "a need to focus on structural and fiscal action on boosting long-term potential as monetary policy support is reduced."
"Countries should implement reform packages that catalyze the private sector to promote productivity, higher wages and more inclusive growth," he added

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