In 2019 forecast of global GDP growth lowered from 3.2% to 2.9%

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In the Organization for economic cooperation and development (OECD) expect a significant slowdown in global economic growth. This is stated in the published on 19 September report on the OECD website.

In 2019 forecast of global GDP growth lowered from 3.2% to 2.9%. The forecast for 2020 is degraded by 0.4% to 3% growth.

“The pace of growth will continue to weaken in both developed and developing economies. Investments fall on the background of high uncertainty, the lack of trade growth and collapse of industrial production. Consumer spending are still holding up, but they are threatened by decelerating employment growth”, – reported in the report.

Among the reasons the OECD has pointed out, the escalating trade conflicts between countries, “systematic decrease” in different sectors of the industry and the uncertainty associated with the planned exit of the UK from the European Union.

According to the OECD, the G20 GDP is expected to grow by 3.1% in 2019, and 3.2% in 2020, compared to 3.4% and 3.6% that had forecast earlier.

It is expected that the US economy will increase in 2019 2.4% and in 2020 by 2%, earlier growth expected at 2.8% and 2.3%.

The forecast for the Eurozone for the next two years was downgraded to 1.1% and 1%.

For all countries emerging markets forecasts were reduced, except for Turkey.

Expectations of growth of China’s economy for the current and following years was reduced to 6.1% and 5.7%.

OECD cuts growth forecast for Russia’s GDP in 2019 to 0.9% from 1.4%, the forecast for 2020 is degraded to 1.6% from 2.1%.

OECD established in 1961, it is one of the leading economic organizations in the world. Includes 36 of the most developed countries. The OECD headquarters is in Paris.