Global economy outlook needs to change with fierce trade war of tariff between two giants economy and sanctions on Russia Iran Turkey bring trade deficit in global rating.
OECD’s Chief Economist, Laurence Boone, said, “The landscape has changed and uncertainty has increased. In some countries, they even have materialized and growth is hitting a plateau. I think that’s one of the most important points, it’s we are seeing the rise of protectionism biting on our growth outlook.”
Officials say orders for exports have started to decline in the last few months, and that a slowdown in trade growth will continue.
The OECD expects the world economy to expand 3.7 percent this year. That’s a 0.1 percentage point decline from the last projection in May. And the same figure is expected for next year, representing a 0.2 percentage point cut from the previous estimate.