Sci-tech

Korea's Growth Outlook for 2017 at 2

Korea's Growth Outlook for 2017 at 2

The OECD's call comes as European Central Bank policy makers prepare to meet in Tallinn, Estonia, and marks a change in its stance since March, when it said policy makers should continue with current policies.

Inflation hit its highest level in almost four years in April at 2.7 per cent, as the Brexit-hit pound, electricity price hikes and rising air fares tightened the squeeze on household spending. That view is based on predictions for core inflation to slowly approach the target by the end of 2018. He could announce a review into different exit strategies, but he is unlikely to directly address the timing of any future moves.

"The stronger policy-driven demand growth in China and many other Asian economies that is helping to underpin the modest global upturn projected in 2017 and 2018 can not be sustained indefinitely", the OECD said. "Maybe it hasn't been as explicit".

The OECD forecasts the global economy is set to grow 3.5 per cent this year though, which will be its best performance since 2011, with growth set to edge up to 3.6 per cent in 2018.

The U.S. economic growth forecasts for this year and next were trimmed to 2.1 percent and 2.4 percent, respectively, from 2.4 percent and 2.8 percent predicted in March.

It will also help counter the build-up of other financial distortions that can accompany a sustained low-interest-rate environment.

Trump says decision coming "very soon" on Paris Climate accord
The EU and China have reportedly signed an agreement to counteract any action by the US that might undermine the Paris agreement. Chinese Premier Li Keqiang says fighting climate change is a "global consensus" and an "international responsibility".


US economic growth "is projected to pick up in 2017 and 2018 as headwinds from past exchange rate appreciations abate and support from fiscal policy begins to appear", the OECD said.

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.

"As growth and inflation prospects in core euro area economies improve, there is a risk that monetary policy tightens too rapidly, weighing on the recovery in countries with high unemployment, high public and private debt and large negative output gaps", the report said.

"Among the major advanced economies, the recovery will continue in the United States", the organization estimated.


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