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08 June 2017, 01:52 | Candice Butler
World economy seen picking up political uncertainty a risk
The global economy is set to grow 3.5 percent this year before nudging up to 3.6 percent in 2018, the Paris-based Organisation for Economic Cooperation and Development said, updating its forecasts in its latest Economic Outlook.
The OECD also forecasted the global growth rate for 2017 at 3.5 percent; its projection for 2018 was 3.6 percent.
The OECD predicts global economic growth for 2017 at 3.5%, a slight increase from the 3.3% it predicted in March.
"Output growth is projected to edge up 2.6 percent in 2017 to 2.8 percent in 2018, thanks in part to faster world trade, which will boost exports and business investment, helping to offset a gradual decline in the growth of residential investment", the OECD said in a biannual report.
However, Ms Mann warned that the "modest" upturn was not yet enough to raise living standards or "reduce persistent inequalities" as she warned that the global economy remained vulnerable to shocks.
The World Bank also said United Kingdom growth rate would slow from 1.8% in 2016, although upgraded its January forecast of 1.2% for 2017.
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"The stronger policy-driven demand growth in China and many other Asian economies that is helping to underpin the modest global upturn projected in 2017 and 2018 can not be sustained indefinitely", the OECD said.
Growth was helped by an acceleration in exports thanks to improved demand from Europe and competitiveness gains delivered by exchange rate depreciation, it said.
"The Government should ensure that its medium-term goal of balancing the budget is met, thus leaving room to use fiscal policy to support growth if needed". As a result, global trade volumes were seen growing 4.6 percent this year, almost double the rate seen in 2016.
The OECD also saw a potential for "swift snap-back" in USA long-term interest rates when the Federal Reserve decides to reduce the size of its balance sheet, especially if it comes at a time of rising policy rates.
Those measures include purchases of government bonds that run at EUR60 billion a month, and a negative deposit rate, which means banks pay to hold funds at the central bank.
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