OECD Raises 2017 UK Economic Growth Forecast To 1

Maxine SotoMar 09, 2017

For 2018, the rate is set to quicken to at 3.6 percent.

In its interim economic outlook, published today, the think-tank said it expected growth to rise to 3.6% next year, up from 3.3% forecast for 2017.

For the eurozone, the prediction was a slight 0.1-percent growth, with Germany experiencing the most important increase at 1.8 percent.

"Policy choices, including on the composition of fiscal spending, taxation, regulation and trade, are likely to have a significant impact on growth outcomes", the group said.

OECD chief economist Catherine Mann said that higher interest rates in the United States could unleash damaging volatility on financial markets for some borrowers while potentially pushing the dollar higher.

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The rapid growth of private credit in emerging economies, especially China, is another key risk, as is the housing market in some advanced economies.

"Now, more than ever, governments need to take actions that restore people's confidence while at the same time resisting turning inwards or rolling back numerous advances that have been achieved through greater worldwide co-operation", OECD Secretary-General Angel Gurría said, commenting on the report.

The growth projection for the US for this year was raised to 2.4 percent, while the forecast for next year was trimmed to 2.8 percent.

Meanwhile, the OECD said it stood by its 3.3 per cent estimate for global gross domestic product growth this year.

The world economy will witness modest growth in the next few years but it could be derailed by financial and policy instability, according to the Organisation for Economic Cooperation and Development.

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For 2017, the growth forecast for the single-currency block is unchanged at 1.6 percent and slightly down in 2018.

"UK growth is expected to ease further as rising inflation weighs on real incomes and consumption, and business investment weakens amidst uncertainty about the United Kingdom's future trading relations with its partners". "While the modest pick-up is welcome, it would still leave global GDP growth below the historical average of around 4% in the two decades prior to the crisis", the OECD said.

As rising inflation hits British consumers and businesses put investment on hold over Brexit, British growth was seen slowing from 1.6 per cent this year to 1.0 per cent in 2018.

Two other major emerging economies - Russian Federation and Brazil - are both recovering from deep recessions with the help of higher commodity prices and easing inflation.

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