“The marked slowdown in world trade underlines concerns about the robustness of the economy and the difficulties in exiting the low-growth trap,” said OECD Chief Economist Catherine L Mann. The OECD projects that the global economy will grow by 2.9% this year and 3.2% in 2017, which is well below long-run averages of around 3.75%.
The small downgrade in the global outlook since June 2016 reflects downgrades in major advanced economies, notably the United Kingdom for 2017, offset by a gradual improvement in major emerging-market commodity producers. Growth among the major advanced economies will be subdued.
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©OECD Observer September 2016