Breaking News Bar
updated: 3/11/2014 8:00 AM

Global growth forecast to remain sluggish

hello
Success - Article sent! close
  • Pedestrians walks through a shopping street in Sendai, Miyagi Prefecture, JapanIn. its World Economic Outlook, The Organization for Economic Cooperation and Development  forecasts global growth of 3.6 percent this year, from an estimated 2.7 percent in 2013.

      Pedestrians walks through a shopping street in Sendai, Miyagi Prefecture, JapanIn. its World Economic Outlook, The Organization for Economic Cooperation and Development forecasts global growth of 3.6 percent this year, from an estimated 2.7 percent in 2013.
    Associated Press

 
Associated Press

PARIS -- Global growth is likely to remain sluggish as a slowdown in the developing world undercuts gains in Europe and the United States, a leading international economic body warned Tuesday.

The Organization for Economic Cooperation and Development said one-off factors like the harsh winter weather in North America and the U.S. government shutdown mean "growth for the major advanced economies in the first half of 2014 will be somewhat slower than in the second half of 2013."

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The underlying trend for those economies, however, continues to be of strengthening growth, said the OECD, a think tank for the world's most developed countries, in an update to forecasts made in November.

Meanwhile, emerging economies, which now account for over half the world economy, "are experiencing a marked loss of momentum," the OECD said. If that continues, the OECD warned it "is likely to mean that global growth remains only moderate in the near term."

In its World Economic Outlook, the organization forecasts global growth of 3.6 percent this year, from an estimated 2.7 percent in 2013. It says the recovery in the United States "is relatively well established," contrary to what it sees happening in the EU and Japan, where the OECD called for further monetary stimulus.

The OECD warned that while activity in the EU seems to be improving, "so far it is doing so later and at a slower pace than in the other major economies."

It also warned that the dip in growth in the U.S. over the winter could have longer-lasting repercussion. "If the recent economic weakness were to durably depress confidence, it could undermine the recovery," the OECD said.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here