The global economy will grow by 3.5 percent this year and 3.7 percent in 2018, with industrial production and trade picking up and further acceleration in the rebound of technology spending, the Organization for Economic Co-operation and Development (OECD) said Wednesday. Emerging markets are key for overall global growth - strong future growth depends on deeper reforms.
Canada is set to log the fastest growth among advanced economies this year with the country's projection raised to 3.2% from 3%. Global growth was 3.1% in 2016.
However, the recovery of business investment and trade remain too low to sustain healthy productivity growth, the OECD said.
Among economists at the other big four banks, National Australia Bank is predicting a rate rise in August 2018, followed by further rises to 2.5 per cent by the end of 2019.
It has left its forecasts for British growth across the two years unchanged since June at 1.6 per cent in 2017 and 1 per cent in 2018, but has upgraded Europe and the world...
The OECD's United Kingdom forecasts were left unchanged at 1.6% for 2017 and 1.0% for 2018, as were those for the U.S. at 2.1% and 2.4% respectively.
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"With macro-prudential policies slowing housing markets, the need to raise interest rates in 2018 seems unnecessary", Westpac chief economist Bill Evans says.
Last June, the organization lifted Turkey's growth forecast for the year to 3.4 percent, up from 3.3 percent, while the annual growth rates were 6.1 percent in 2015 and 3.2 percent last year.
The downward revision was due to the transitory effects of demonetization and of the implementation of the Goods and Services Tax (GST), the group said. The forecast for 2018 is unchanged at 1.6 percent growth.
In its latest interim economic outlook the OECD warned the long period of low interest rates has boosted house prices and created financial distortions that will be "testing to resolve".
The Interim Economic Outlook renews calls on policymakers to enact a rebalancing from monetary to fiscal and structural support for growth and wages. "Wage growth has been disappointing, keeping inflation at low levels", it said.