November 23, 2017

OECD cuts eurozone growth forecasts

The OECD has cut its growth forecasts for the eurozone again and called on the European Central Bank to consider doing more to boost growth, bbc.co.uk reports. The organization said the eurozone will shrink by 0.6 % this year, widening the gap between it and faster-growing economies such as the US and Japan. It said prolonged economic weakness in Europe could damage the global economy. The forecast for the UK was also revised down to just 0.8 % growth this year and 1.5 % in 2014. The OECD said the UK government’s austerity plans had affected growth, but said the measures were “necessary” and warned that “further fiscal consolidation” was needed. The predictions came in the OECD’s twice-yearly Economic Outlook publication. The organisation, which represents 34 advanced economies, forecast average growth across its members of 1.2 %  this year and 2.3 % in 2014.
Source: Nine o’clock (read more)

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