OECD Calls for ECB Taper, Cuts US Growth Forecasts

Australian economic growth will reach a rate of nearly three per cent by the end of 2018 and an improving environment will prompt the Reserve Bank to start raising interest rates later this year.

The influential Paris-based policy group predicts in its latest United Kingdom forecast that GDP growth will weaken slightly to 1.6% in 2017 then slow dramatically to 1% in 2018.

Britain's economy, however, is forecast to slow to a 1% growth rate in 2018 - after a 1.6% advance this year "owing to uncertainty about the outcome of the Brexit negotiations", the OECD said.

For this year, the OECD expects South Korea to make a modest recovery, citing export growth, increase in corporate investment and improving consumer sentiment.

In 2017, India's GDP growth is expected to hit 7.3 per cent and 7.7 per cent the following year, slightly better lift than figures released by the Statistics Office last week, but largely in tandem with a World Bank report on robust growth in the country.

Russian Federation will also turn the corner reaching 1.5 per cent growth in 2017 and 2 per cent in 2018.

More news: Man United youngsters impress, but Mourinho only thinking of European final

It said the Irish economy was projected to expand solidly, but growth would fall toward more sustainable rates in the near future.

"In sum, the global economic outlook is better, but not good enough to sustainably improve citizens' well-being", said Ms Mann.

While Mexican investments that have since been put on hold are expected to resume, more turbulence from a protectionist push can't be ruled out, according to the OECD economic outlook.

The weaker USA outlook was offset by slightly improved perspectives for the euro zone, Japan and China.

The OECD also highlighted growing risks in housing markets, where prices in some countries have risen to levels that have in the past preceded busts.

"The Government should ensure that its medium-term goal of balancing the budget is met, thus leaving room to use fiscal policy to support growth if needed". The report, however, added that China's continued decisions to cut Korean imports and ban Chinese tour groups may lower GDP growth my 0.2 percentage point.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Summerhays takes three-shot Memorial lead as Dufner falters
Four pars were followed by bogey, birdie, bogey on holes 14 through 16, and he closed with pars on 17 and 18 for 68. Matt Kuchar (70), Bubba Watson (68), Kevin Kisner (69) and Argentina's Emiliano Grillo (68) are also on five under.

US employers add modest 138K jobs; job rate dips to 4.3 percent
However, a persistent slack wage growth could cast a shadow on further monetary policy tightening. Average hourly earnings rose four cents or 0.2 per cent last month after a similar gain in April.

Lonzo Ball Will Workout For Los Angeles Lakers On June 7
It seems fated, as Lonzo's controversial father LaVar Ball declared in May that his son will only work out for the Lakers. The Lakers own two first round picks in the 2017 NBA Draft; the No. 2 overall selection and No. 28.

AMD releases 'Radeon Pro 500' Series graphics for iMac
There were also additional Thunderbolt 3 ports and a processor improvement: The newest iMacs will run Kaby Lake . Perhaps unexpectedly, the next most exciting unit on display was the new 10.5-inch iPad Pro, running iOS 11.

Ireland elects first openly gay Prime Minister
Varadkar on Friday [Saturday NZ Time] defeated rival Simon Coveney in a contest to replace Enda Kenny , who resigned last month . Varadkar, previously in charge of the welfare system, came out as openly gay in 2015 before the same-sex marriage referendum.

Philippine soldiers killed in 'friendly fire' by its air force
The minister raised the possibility of limiting airstrikes if government troops converge within cities controlled by militants. The military is expected to elaborate more on the incident later Thursday.

Strong, swift UN reaction to Trump on climate
Any delay in U.S. efforts to halt greenhouse gas emissions could cost the country and the world in the long term, scientists say. According to the European Commission's Berlin office, Juncker told an audience in the German capital: "I am a trans-Atlanticist".

WH aide Michael Dubke says his last day is TBD
The official was not authorized to publicly discuss private thinking and spoke on the condition of anonymity. Unlike many top officials in the White House , Mr Dubke was not part of the Trump 2016 campaign.

Writer/commentator John Clayton among ESPN layoffs
Clayton is a member of the Pro Football Hall of Fame, as he has been enshrined in the writer's wing of the Canton, Ohio museum. John Clayton will be laid off from ESPN after 23 years of covering the NFL .

Team India encounters Vijay Mallya in London, avoid him
A report by TOI quotes top source from BCCI as saying, "Look, Virat or his foundation never invited Mallya at the function. The players were very uncomfortable. "It was an unavoidable situation as one couldn't have possibly asked him to leave".

America's Cup - Umpires admit error in controversial win for Kiwis
Sweden dangled the carrot in front of Peter Burling, but the Team NZ skipper wasn't falling for it. Emirates Team New Zealand posted two wins to climb into a tie with Land Rover BAR.

Trump delays moving US Embassy to Jerusalem for now
Despite that, most experts are skeptical of Trump's chances for achieving a peace deal that eluded other USA presidents. President Donald Trump has temporarily waived a law requiring the U.S.to move its embassy in Israel to Jerusalem .

Nara loses to Williams in second round of French Open
In the victory, Mertens won 61 percent of her first serve points and 62 percent of her second serve points. As for attending the French open and not playing? The second-seeded Serb will next face Diego Schwartzman.

India rejects Trump charge that it linked Paris climate accord for aid
Denouncing impression that India got any money for signing the deal, Swaraj said India never meant to profit from the accord. Her statement came even as the U.S. said that they do not need India to tell them how to protect their environment .

Arizona Diamondbacks 0, Miami Marlins 3
Chris Iannetta also homered and David Peralta scored twice for the Diamondbacks, whose three-game winning streak was snapped. DETROIT - Jordan Zimmermann tossed six solid innings and the Tigers used four home runs to power past the Chicago White Sox.


More News

News
More News