OECD: countries still need to make reforms to improve growth

Posted September 22, 2017

The OECD upgraded its expectations for the euro area to growth of 2.1 per cent rate in 2017 and a 1.9 per cent pace in 2018.

As China's economic fundamentals improve, worldwide institutions have generally raised their forecasts of China's growth and expressed more confidence in the country's prospects in recent months, although indicators have pointed to slight weakening of the economy in August.

In a report released on Wednesday, ANZ economists David Plank and Felicity Emmett say this view reflects the more positive economic outlook and easing downside risks.

Overall, the global outlook from the OECD has improved, with the institution increasing its prediction for GDP growth for 2018 from 3.6pc to 3.7pc; citing increased investment, increased trade and employment.

"The underlying health of China's economy remains relatively firm", said UBS China economists in a research note.

Expectations for the US were unchanged at 2.1 per cent this year and 2.4 per cent next year.

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In the United Kingdom, the previously identified growth slowdown is expected to continue through 2018, while uncertainty remains over the outcome of negotiations around the decision to leave the European Union. Global growth was 3.1% in 2016.

Meanwhile, Brazil's economy is now seen as expanding by 0.6 percent this year, a shade lower than the June forecast. Its June forecast noted the economy was gaining steam, propelled by government spending on infrastructure, social housing, education and innovation, as well as rising household wealth and rebounding business investment, particularly in the resource sector.

However, the tax should lead to higher investment, productivity and growth in the long term, the OECD said.

Rising corporate profits should help strengthen business investment through 2018, but low wage growth and fiscal consolidation are likely to weigh on activity in 2018, when growth is expected at 1.2 percent.

The relative slowdown was due to the implementation of a goods and services tax and the sudden withdrawal late a year ago of higher denomination banknotes.

Britain's growth rates were left unchanged at 1.6 percent this year and 1 percent in 2018.