Published: Wed, March 14, 2018
Global | By Shelia Dennis

Trade boosting global growth to 7-year high: OECD

Trade boosting global growth to 7-year high: OECD

The global economy will grow close to 4 percent this year and next, better than previously anticipated, according to the OECD, which added a warning that a trade war could roll back the gains seen in recent years.

While the G20 emerging markets are projected to grow much faster than the developed world economies, India and China are expected to lead emerging market economies. In its quarterly report, the Paris-based research body said it expects growth to ease off in some of those economies this year, but not by as.

The thinktank has revised up its forecast for United States growth by 0.4 points to 2.9 percent this year and by 0.7 points to 2.8 percent in 2019 as a result of the increase in demand from Mr Trump's tax cuts. That's up from 3.7 percent and 3.6 percent, respectively, from its November projections.

He said: "In this environment, an escalation of trade tensions would be damaging for growth and jobs".

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He told the House of Commons growth was forecast to be 1.5 percent this year, up from 1.4 percent forecast by the Office for Budget Responsibility in November, with the forecast unchanged for 2019 and 2020 unchanged at 1.3 percent.

Álvaro Pereira, the OECD's acting chief economist, urged the United Kingdom to introduce more policies to boost living standards, as well as address regional disparities. Among other hot economies, stronger growth in France and Germany boosted the outlook for the broader euro zone to 2.3 per cent for this year and 2.1 per cent in 2019.

Rebounding global business investment would keep global trade growth at about 5 per cent this year, the OECD forecast.

Despite the upward revisions, the OECD said private consumption in Japan could be subdued if wage and income growth are modest.

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It also said that governments should use the cushion of stronger growth to overhaul their economies.

The statement was a veiled reference to U.S. President Donald Trump's decision to impose tariffs without resorting to global arbitration.

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.

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