The OECD has downgraded its growth projections for Japan in both 2018 and 2019, citing the negative effects of the upcoming consumption tax hike. | BLOOMBERG Worldwide gross domestic product is expected to grow a real 3.5 percent in 2019, the OECD said in its latest economic outlook report, down from 3.7 percent forecast in September. It kept its growth projection for 2018 unchanged at 3.7 percent, while forecasting a slight slowdown to 3.5 percent in 2020. “Recent developments suggest that the global expansion has peaked and is likely to slow over the next two years,” the Paris-based organization said. “Labor market conditions are still improving … but investment and trade growth have proved softer than anticipated, financial market conditions have tightened, and confidence has continued to ease,” it said. It warned that heightened trade tensions “remain a significant source of downside risk to global investment, jobs and living standards.” … [Read more...] about OECD lowers global growth forecast for 2019
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OECD warns of global slowdown
PARIS: The global economy has peaked and faces a slowdown driven by international trade tensions and tighter monetary conditions, the Organisation for Economic Cooperation and Development warned on Wednesday (Nov 21). Angel Gurria highlighted problems caused by trade conflicts and political uncertainty. (Photo: AFP/Eric Feferberg) The OECD, which groups the top developed economies, said it had trimmed its growth forecast for 2019 to 3.5 per cent from the previous 3.7 per cent. The 2018 estimate was left unchanged at 3.7 per cent. For 2020, the global economy should grow 3.5 per cent, it said in its latest Economic Outlook report. "The shakier outlook in 2019 reflects deteriorating prospects, principally in emerging markets such as Turkey, Argentina and Brazil," it said. "The further slowdown in 2020 is more a reflection of developments in advanced economies as slower trade and lower fiscal and monetary support take their toll." OECD chief Angel Gurria highlighted problems … [Read more...] about OECD warns of global slowdown
OECD warns against ‘escalation’ in trade tensions
The OECD on Wednesday (May 30) appealed for an end to the "escalation" in global trade tensions, as the introduction of US tariffs on steel and aluminium imports loomed. President Donald Trump's steel and aluminium tariffs sent shock waves across global markets for weeks. (Photo: AFP/Mandel Ngan) President Donald Trump announced the shock 25 percent tariffs on steel and 10 per cent duty on aluminium in March, sparking a global diplomatic tussle that sent the markets into choppy waters for weeks. The tariffs are due to enter into force from Jun 1, despite efforts by world leaders including France's Emmanuel Macron and Germany's Angela Merkel to bring the multilateral trade system back from the brink. The EU's top trade official earlier this week said it was unrealistic at this stage to hope for a permanent exemption for the bloc from the tariffs before they kick in on Friday. Separately, the United States is readying trade sanctions against China over intellectual property … [Read more...] about OECD warns against ‘escalation’ in trade tensions
RoK among top OECD consumers of energy resources
Illustrative image. (Photo: Yonhap) Hanoi (VNA) – The Republic of Korea ranked fifth in per capita energy consumption among member states of the Organisation for Economic Cooperation and Development (OECD) in 2016, the RoK-based news agency Yonhap reported on April 16. Data recently released show that each Korean citizen consumed an average of 5.6 TOE (tonne of oil equivalent) during that year. The figure placed them after the people of Norway (9.2 TOE), Canada (9.1), the United States (7.1) and Australia (5.7). The RoK ranked even higher at No. 2 in terms of their per capita consumption of coal, which reached 1.6 TOE, following Australia's 1.8, according to the figures provided by Statistics Korea and the local energy industry. The latest measurement on coal consumption marks a 45.5 percent increase from 1.1 TOE 10 years ago, indicating that the Republic of Korea is going opposite the general trend among OECD members of curtailing use of coal as an energy source. Energy … [Read more...] about RoK among top OECD consumers of energy resources
Workers at risk as robots set to replace 66m jobs, warns OECD
The west’s leading economic thinktank has warned its members that they are failing to prepare workers for an automation revolution that will leave 66 million people at risk of being replaced by machines in the coming years. Robots on a production line. Jobs in the manufacturing industry and agriculture are most at risk from automation, according to the thinktank. Photograph: PA A new report by the Paris-based Organisation for Economic Cooperation and Development found that the most vulnerable – one in seven workers on average across the 32 countries studied – were less likely to be receiving help than those whose jobs were more secure. The OECD said 14% of jobs in developed countries were highly automatable, while a further 32% of jobs were likely to experience significant changes to the way they were carried out. The report said some of its member states were far more vulnerable than others to seeing jobs replaced by computers or algorithms: “There … [Read more...] about Workers at risk as robots set to replace 66m jobs, warns OECD