OECD lowered the forecast for global economic growth for 2018 and 2019

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Experts of the Organization for Economic Cooperation and Development have lowered the forecast for the growth of the world economy for 2018 and 2019, noting the increase in downside risks due to the uncertainty and tension in trade relations. The forecast for growth for 2018 was reduced to 3.7% from 3.8%, for 2019 - to 3.7% from 3.9%. The OECD report notes that the introduction of new trade restrictions will have a negative impact on workplaces and household expenditures. The OECD maintained the growth forecast for the US for 2018 at 2.9% and lowered the estimate for the following year from 2.8% to 2.7%. For the euro area forecasts were worsened by 0.2 percentage points in 2018 to 2%, in 2019 – to 1.9%. Also, the UK GDP growth forecast was downgraded from 1.4% to 1.3% in 2018, from 1.3% to 1.2% in 2019. Forecasts for economic growth in Japan and China remained unchanged. Among the emerging markets, growth forecasts for India in 2018 were improved from 7.4% to 7.6%, and for Saudi Arabia – from 1.6% to 1.7%.

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