15:07 GMT +323 July 2018
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    OECD Cuts 2016 Global, US GDP Growth Forecast, Maintains Outlook for China

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    The Organization for Economic Co-operation and Development (OECD) on Thursday downgraded its forecast for global economic growth for 2016, from its November assessment of 3.3 percent to 3 percent now.

    BRUSSELS (Sputnik) The OECD also revised its forecast for economic growth in 2017, down by 0.3 percentage points to 3.3 percent, the organization's latest Interim Economic Outlook revealed. According to OECD estimates, the global economy grew at a rate of 3-percent in 2015.

    The Paris-based institution cut its US GDP growth forecast for 2016 by 0.5 percentage points, to 2 percent. For 2017, OECD downgraded its GDP growth forecast for the United States from 2.4 to 2.2 percent. The US economy averaged a 2.4-percent growth rate last year.

    China's growth forecast remains unchanged since the previous Economic Outlook published in November, with 6.5 and 6.2 percent growth expected in 2016 and 2017, respectively. According to OECD, the Chinese economy expanded at a rate of 6.9 percent in 2015.

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    GDP, economy, Organization for Economic Co-operation and Development (OECD)
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