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The OECD yesterday released its semi-annual Economic Outlook report and it made for grim reading. According to the OECD, the world is stuck in a “low growth trap” with global trade growing by between 2-3% and global GDP set to expand by 3.0% this year with only a modest pick-up to 3.3% next year.
The organization's chief economist warned that policymakers around the world needed to act to stop the "low-growth trap" of low investment, insufficient demand, unemployment, historically low global trade growth and a "slowed pace" of structural reform.
“The need is urgent,” OECD chief economist Catherine Mann said. “The longer the global economy remains in the low-growth trap, the more difficult it will be to break the negative feedback loops,” she added.
The OECD now expects the U.S. economy to grow 1.8% this year and 2.2% in 2017, instead of 2% and 2.2% as it forecast in February and 2.5% and 2.4% in November. The OECD increased its growth forecast for the eurozone this year to 1.6% from 1.3% in February, but kept its 2017 eurozone forecast at 1.7%. It trimmed Japan growth forecast to 0.7% this year and 0.4% in 2017 from 0.8% and 0.6% in February.
The OECD singled out the possibility of the U.K. voting to leave the EU in the June 23 referendum as a “major downside risk” that could have substantial consequences for the country, the EU, and the rest of the world.
OECD calls for governments rather than central banks to lift the world’s gloomy economic prospects. The organization arguing that central banks had exhausted their policy options said governments needed to do more through investment spending and structural reform to boost economic growth. The OECD also criticised governments for not doing more to support growth.
