The Organisation For Economic Cooperation And Development just cut its global growth forecast.
The world economy will probably expand 2.7 per cent this year and 3.6 per cent next year, instead of the 3.6 per cent and and 5.8 per cent predicted in May, the Paris-based OECD said in a semi-annual report today.
“Most of the emerging economies have underlying fragilities that mean they cannot continue growing as they used to,” OECD Chief Economist Pier Carlo Padoan said in an interview. “They used to be an important support engine for global growth in bad times. Now the reverse is true and advanced economies can’t be said to be in very good times again.”
Here’s the key slide from the OECD showing the new projections: