OECD More Pessimistic About Global Growth This Year And Next
Last week the Organization for Economic Cooperation and Development (OECD) reduced its estimates for global economic growth for this year and next. The OECD now expects the world economy to expand three percent this year and 3.6 percent in 2016, down from its June estimates of 3.1 percent for 2015 and 3.8 percent for 2016. Slowdowns in the Chinese and Brazilian economies were partially responsible for the diminished reading, the OECD said.
Meanwhile, the OECD increased its growth estimate for the United States for 2015, boosting it to 2.4 percent from the two percent growth estimate it released in June. (The OECD did drop the U.S. growth estimate for 2016, from 2.8 percent to 2.6 percent.) Finally, the OECD now expects the Canadian economy to expand 1.1 percent in 2015, down from its previous estimate of 1.5 percent, and 2.1 percent in 2016. (Canada’s 2016 estimate is down from the OECD’s 2.8 percent 2016 growth estimate released in June.)