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Advanced economies improving
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Led by firm US growth, the outlook is gradually improving for advanced economies while even crisis-weary Europe is at last joining the recovery, the OECD said yesterday.
Nonetheless, a slowdown in many emerging economies meant that global growth would remain sluggish, the Organization for Economic Cooperation and Development said.
“The bottom line is that advanced economies are growing more and emerging economies are growing less,” OECD chief economist Pier Carlo Padoan said.
The US would lead the recovery, growing 1.7 percent this year, the OECD said, cutting its estimate from a May outlook of 1.9 percent.
Boosted by massive monetary stimulus from the central bank, Japan was seen to grow 1.6 percent this year, flat from the OECD’s May forecast.
Meanwhile Europe, which has been a drag on growth in recent years as it struggled with its debt crisis, at last offered good news with recoveries underway in France and Germany prompting the OECD to raise its forecasts for them.
France was seen to grow 0.3 percent this year, up from a drop of 0.3 percent in the OECD’s May forecast, while Germany, Europe’s biggest economy, was set to grow 0.7 percent, up from 0.4 percent previously.
Outside the eurozone, Britain was seen growing 1.5 percent, raised sharply from a forecast of 0.8 percent in May.
Though major developed economies are gaining, a slowdown in many emerging countries would weigh on broader global growth, the OECD said.
China was the exception among emerging economies, with its growth forecast to accelerate to 7.4 percent this year.
With the US economy set to keep growing steadily, the OECD said it was apt for the Federal Reserve to start slowing bond purchases, the main measure in the Fed’s exceptionally monetary easing policies.
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