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OECD cuts forecasts, warning that Trump's trade war, China's slowdown, and a fragile Europe are threatening to 'derail' the world economy

OECD cuts forecasts, warning that Trump's trade war, China's slowdown, and a fragile Europe are threatening to 'derail' the world economy
Pool/Saul Loeb via Associated Press



Trump's trade war, slowing growth in China and a fragile eurozone are all contributing to a global economic slowdown, the Organization for Economic Cooperation and Development (OECD) said Wednesday.




The OECD cut its growth expectations for the world economy from 3.5% to 3.3%, with all but two major economies seeing their forecasts trimmed.




"The global economy is facing increasingly serious headwinds," Laurence Boone, the OECD's chief economist said in a statement. "A sharper slowdown in any of the major regions could derail activity worldwide, especially if it spills over to financial markets."



The global economy will slow faster in 2019 than previously expected, with US President Donald Trump's trade war continuing to drag on growth, according to the latest data from the Organization for Economic Cooperation and Development (OECD) released Wednesday.
The OECD's quarterly update on the global economy showed that it expects GDP growth to average out at around 3.3% in 2019, down from 3.5% at its last update in November last year. That update saw growth expectations shaved from 3.7% at the previous economic update.
"The global economy is facing increasingly serious headwinds," Laurence Boone, the OECD's chief economist said in a statement.
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