OECD upgrades global and Japan growth outlooks for 2018 and 2019
OECD upgrades global and Japan growth outlooks for 2018 and 2019
13 March, 2018, 18:48
For South Africa, the OECD has revised the expected GDP growth rate upward to 1.9% in 2018, and 2.1% in 2019 - higher than the growth rate now targeted by National Treasury. The think tank said USA tax cuts and spending increases, combined with fiscal stimulus in Germany, were the main reasons for the improved outlook.
The UK trails last out of the G20 economies in OECD growth projections for both 2018 and 2019, with Britain's rate of GDP increase declining in both years while many other countries surge ahead.
With mounting fears of a trade war following Mr Trump's threat of tariffs on steel and aluminium, the OECD issued a plea to avoid protectionism.
But while it also revised slightly upwards its expectations for the United Kingdom economy - to growth of 1.3% during 2018 - it said Brexit uncertainty would continue to weigh on performance.
"I think it is very important to avoid escalation and to initiate a strengthening in the global dialogue to solve not only the problem for steel but to avoid bigger repercussions in terms of trade".
"Safeguarding the rules-based worldwide trading system will help to support growth and jobs", it said.
The Organization for Economic Cooperation and Development on Tuesday raised its forecasts for the global economy for 2018 and 2019, factoring in the impact of tax cuts and spending in the United States.
Globally, the OECD expects a modest increase in inflation amid tightening labor markets, which will reduce dependence on accommodative monetary policy.
It also said that governments should use the cushion of stronger growth to overhaul their economies.
While the global outlook had not quite returned to pre-economic crisis levels, stronger investment and improved global trade were nonetheless signs that the world economy is definitely on the mend a decade after the worst recession since the Great Depression of the 1930s. Slow growth in the wage base poses a challenge to policymakers trying to inject further momentum into an economy now in its best run of expansion in 28 years.
"Structural reforms should be revived, seizing the opportunity of the stronger economy to help secure a more robust recovery of productivity, investment and living standards", the report said.
The Paris-based organisation said the world economy was on course to expand at an annual pace of 3.9% over the next two years.
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