The OECD cuts its world growth forecast to 5.7% by 2021 from the 5.8% forecast in May

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In an update on its economic outlook, the Organization for Economic Cooperation and Development (OECD) cut its global growth forecast to 5.7% by 2021 on Tuesday from 5.8% in May.

Highlights of the release:

The entity has also cut the forecast for the UK to 6.7% in 2021 (compared to 7.2% in May) and 5.2% in 2022 (below 5.5% in May).

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The China’s GDP growth forecast 2021 remains unchanged at 8.5%. For 2022 it also remains at the previous level, 5.8%.

Japanese growth drops one tenth to 2.5% in 2021 (from 2.6%), and rises one tenth in 2022 to 2.1% (versus 2.0% previously).

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The OECD raises inflation outlook for 2021 and 2022 for the United States, the Eurozone and the United Kingdom.

According to forecasts, The US will register 6.0% growth in 2021 (vs. May forecast of 6.9%), and 3.9% in 2022 (up from 3.6% previously).

The entity raises the economic growth forecast for the euro zone to 5.3% from 4.3% in 2021, while in 2022 it will stand at 4.6% (from 4.4%).


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