Growth may cool but sharp slide unlikely

The OECD building.

The latest economic update from the Organisation for Ecomomic Co-Operation and Development (OECD) has seen it revise down its forecasts for global growth for the second time in a couple of months.

It is now forecasting that the world economy will grow by 3.5% in 2019. In its mid-year assessment, it was forecasting 3.9% growth for next year.

This also represents a slower pace of growth than in 2018, with both the OECD and IMF estimating that the world economy will expand by 3.7% this year.

Growth would have been lower in 2018 but for a marked strengthening of activity in the US due to the loosening of fiscal policy by the Trump administration via both tax cuts and spending increases.

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