OECD Sees World Economic Growth At 6-year High

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Global economic growth is likely to pick up slightly this year and into 2018, the Organisation for Economic Cooperation and Development (OECD) says.

The Finance Ministry said on Wednesday that the OECD presented the projection in its latest global economic outlook.

Meanwhile, the OECD has forecast USA growth of 2.1 per cent this year and 2.4 per cent in 2018, a downgrade from its March prediction when it forecast a 2.4 per cent rise in United States growth this year, and 2.8 per cent for 2018.

Italy's GDP is projected to grow by 1% in 2017 and then slip to 0.8% next year, considering "a fiscal retrenchment of about 1% of GDP in 2018, as required by European Union fiscal rules".

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It warned that its less affluent regions, which mainly export manufacturing and agricultural products, are exposed to the risk of global protectionism, which could lower incomes and raise inequality.

Lifted by improving worldwide trade in Asia and fiscal stimulus, Japanese growth was seen at 1.4 percent this year before slowing to 1.0 percent next year, both slightly raised from the OECD's March estimates of 1.2 percent and 0.8 percent respectively.

"As growth and inflation prospects in core euro area economies improve, there is a risk that monetary policy tightens too rapidly, weighing on the recovery in countries with high unemployment, high public and private debt and large negative output gaps", the report said.

"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. "Turkey will probably grow almost 4.5 percent this year", Simsek said.

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"Economic activity slowed in 2016 against the backdrop of a failed putsch in July and increased geopolitical tensions in the region", the organization said in its economic outlook for June 2017.

That in turn was supporting strong imports and helping to fuel a revival in Asian trade.

Global growth remains below long-term averages, however, and wages are not yet growing as much as hoped.

Dean Popplewell has almost two decades of experience trading currencies and fixed income instruments.

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