OECD lowers global economic growth forecast

The Organization for Economic Cooperation and Development (OECD) has lowered its estimates of global economic growth in 2019 to 3.3 percent from its earlier projection of 3.5 percent, according to the latest OECD report. The authors of the publication stated that threats to global growth persist.
“The growth forecasts have been revised downwards in almost all G20 economies, with particularly large adjustments in the euro area both in 2019 and in 2020 … High political uncertainty, persistent trade tensions and further erosion of confidence by enterprises and consumers contribute to the economic slowdown,” the report stated. Thus, the forecast for the euro area has been reduced by 0.8 percentage points to 1 percent (against 1.8 percent in the previous year).