OECD cuts economic forecast

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OECD

OECD cuts economic forecast

The hopes of a stronger growth of the global economy burst. The OECD assesses the economic Outlook is more pessimistic. The turbulence on the financial markets for additional risk.

The organization for economic cooperation and development has its economic forecast to again significantly revised downwards. After the stock market turmoil of the past few weeks, warned the experts on Thursday also significant risks for the financial stability. Due to disappointing economic data expected for this year, with global economic growth of three percent. These are 0.3 percentage points less than the OECD in November had expected.

“The global economy is expected to be in 2016 not grow faster than in 2015, the slowest Rate in five years,” said the organization in Paris. Especially clear were the expectations for Brazil are reduced. But also the prospects for the United States, the Euro area, UK and Japan are, despite the low Oil prices, less favorable than three months ago. For Germany corrected the OECD the Outlook by 0.5 percentage points, down 1.3 percent.

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Emerging economies under pressure

“The growth is slowing down in many emerging economies, while the recovery in developed countries is very modest, and low prices on raw material exporters from the press,” it said in the interim report. In addition, some emerging countries are particularly vulnerable to strong exchange rate movements. “The financial markets around the world have their growth prospects checked, leading to a Fall of the stock prices, and higher market volatility has resulted.”

The OECD called for, given the gloomy prospects for a stronger common approach to boost the economy. The monetary policy of Central banks alone is not enough. Where possible should state more money for investment to provide: “The governments in many countries are currently in the position, for long periods of time to very low interest rates to borrow money, which in the consequence the fiscal room increases”, says the report. In addition, the need for more ambition for structural reforms.

Bleak Outlook for 2017

Also 2017 is likely the economy will hardly gain momentum, the world awaits the OECD growth of 3.3 per cent – still below the long-term average. For Germany, it goes from a Plus of 1.7 per cent, 0.3 percentage points less than in November expect. The Numbers are not directly related to the forecasts, for example, by the Federal government comparable, because the OECD, the values of the number of working days is adjusted.

ul/wen (dpa, rtr)