OECD expects global economy to grow 3.8 pct in 2018

01 June, 2018, 17:07 | Author: Brooke Harris
  • Image      The OECD says the global economy is growing but risks loom

The OECD notes that Slovenia's fiscal policy is highly expansionary, implying little progress in securing fiscal sustainability, adding that the country's macroeconomic policies fail to address future ageing-related fiscal challenges.

In 2018 and 2019, the Organisation for Economic Cooperation and Development (OECD) predicted, Belgium's gross domestic product (GDP) will grow by 1.7%, which is the same as previous year.

It also projects Australia's economy to record a 2.9% growth this year and 3% in 2019, as unemployment decline by 5.4% and 5.3%, respectively.

According to the latest economic outlook from the Organisation for Economic Co-operation and Development (OECD), the global economy is seeing stronger growth as the result of a recovery in trade, higher investment and increased job creation.

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In terms of investment, the global body said that, after four years of decrease, it will return to growth for 4.5 percent in 2018.

In the United States, growth would accelerate by 2.9 percent in 2018, then inch down to 2.8 percent in 2019, it said.

The outlook highlights a range of risks to the current expansion. However, the outlook also underlines that significant risks posed by trade tensions, financial market vulnerabilities and rising oil prices loom large, and more needs to be done to secure a strong and resilient medium-term improvement in living standards.

It expects the Reserve Bank to withdraw some monetary policy stimulus in 2019 through higher interest rates in order to slow inflation stoked by capacity constraints and increasing import prices from New Zealand's main trading partners. It urges countries to boost investment in education and skills, as part of improvements in the use of tax and spending policies to raise living standards across the income distribution.

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