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Global expansion seen to lag in 2013/14, says OECD
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Global growth is expected to lag this year and next, but for the first time in a long time, it’s not all Europe’s fault.
That’s the view of a leading international economic body, which said yesterday that a slowdown in emerging economies and the potential for another US budget crisis are the main sources of concern for the global economy.
In its half-yearly forecast, the Organization for Economic Cooperation and Development cut its forecast for global growth this year to 2.7 percent and 3.6 percent for next. In May, it had predicted 3.1 percent and 4 percent growth, respectively.
“We can’t get (the world economy) out of first gear,” said Angel Gurria, the secretary-general of the OECD, which brings together the world’s most developed economies.
Just as the economy of the 17-country eurozone is emerging from its longest-ever recession brought on by a debt crisis, other economies are beginning to slow.
Emerging markets, which have helped shore up global growth in recent years, are beginning to lag, partially over fears that a pickup in the US economy will spell the end of cheap credit.
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