The Organization for Economic Co-operation and Development has predicted that the global economy is set to grow 3.5 percent in 2017, followed by an increase to 3.6 percent in 2018 as confidence is increasing and investment and trade are picking up from low levels.
Although the OECD upped its forecasts for global growth for 2017, it downgraded its estimates for the United States, despite a weaker dollar boosting exports and tax cuts supporting household business investment. The growth forecast for U.S. was downgraded to 2.1 percent this year and 2.4 percent next year, down from estimates in March of 2.4 percent and 2.8 percent, respectively.
Mann attributed this drop in forecast for U.S. economic growth to delays in President Trump’s plans to push ahead with planned cuts and infrastructure spending. The growth stimulus for the USA is expected to start in 2018.
The forecast for euro zone was seen growing at 1.8 percent both this year and next year, up from 1.6 percent for both years. The lift in European projections is boosted by strong growth in Germany, euro zone’s largest economy.
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