The Organisation for Economic Co-operation and Development (OECD) has further cut its forecasts for the global economy in 2019 and 2020, following earlier downgrades in November, warning that trade disputes and uncertainty over Brexit could disrupt global trade and business.
In its interim outlook report, the OECD forecast that the world economy would grow by 3,3% in 2019 and 3,4% in 2020.
These forecasts represent a reduction of 0,2 percentage points for 2019 and 0,1 percentage points for 2020 compared with the latest OECD forecasts released in November.
"High political uncertainty, ongoing trade tensions and a further erosion of business and consumer confidence are contributing to the slowdown," the OECD said in its report.
"Substantial political uncertainty remains in Europe, including over Brexit. A disorderly exit (of the United Kingdom from the European Union) would substantially increase the costs for European economies," the OECD added.
For Germany, Europe's largest economy, the OECD more than halved its GDP growth forecast for 2019 to 0,7% from 1,6% previously. It also predicted a slight recovery for the country to 1,1% in 2020.
Source: Reuters
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