OECD cuts global growth forecast for 2014
The OECD cut its global growth expectations from its November outlook from 3.6 percent to 3.4 percent for 2014, although it kept its forecast for 2015 at 3.9 percent.
OECD experts say the global economy http://www.oecd.org/newsroom/global-economy-strengthening-but-significant-risks-remain.htm will expand 3.4 percent this year, slightly less than the previous projection.
The OECD is made up of 34 mostly wealthy nations with market-based economies.
The group\’s experts say China\’s growth will slow, though it still will reach a strong 7.4 percent. The study says the 18 nations that use the euro will expand a bit faster than first thought, with growth of 1.2 percent. U. S. expansion will slow .3 percent to 2.6 percent for the year.
The OECD says the U.S. central bank is on the right track, keeping interest rates very low while gradually cutting back on other efforts to stimulate the economy.
The head of the U.S. Federal Reserve, Janet Yellen, is scheduled to give an updated assessment of the U.S. economy on Wednesday at a congressional hearing.
Source: Agencies
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