OECD upgrades global and Japan growth outlooks for 2018 and 2019

OECD Sees Better Outlook, if Trade Escalation Avoided

S. Korea to maintain 3% growth for 2018-2019: OECD

USA economic growth is tipped for a rise from 2017's 2.3% to 2.9% this year and 2.8% in 2019, on the back of tax cuts and spending increases under President Donald Trump.

It sees the world economy expanding 3.9 per cent in both 2018 and 2019, the strongest since 2011.

The OECD projects that the global economy will grow by 3.9% in both 2018 and 2019, with private investment and trade picking up on the back of strong business and household confidence.

OECD Acting Chief Economist Alvaro Pereira observed: "In this environment, an escalation of trade tensions would be damaging for growth and jobs".

The OECD forecast the US economy would grow 2.9 percent this year and 2.8 percent in 2019, with tax cuts adding 0.5-0.75 percentage points to the outlook in both years.

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Britain was seen missing out on the global upturn, lagging all other G20 countries with growth of only 1.3 percent this year.

For South Africa, the OECD has revised the expected GDP growth rate upward to 1.9% in 2018, and 2.1% in 2019 - higher than the growth rate now targeted by National Treasury.

Britain is set to miss out on buoyant global economic growth over the next two years, according to new forecasts by the Organisation for Economic Co-Operation and Development (OECD).

However, the growth rate is still very slow compared to other G20 nations, and well below the average for the group, which is expected at 4.1% in 2018 and 4.0% in 2019.

By contrast, growth in the global economy is expected to strengthen further from its six-year high of 3.7% in 2017 to reach 3.9% in 2018 and 2019.

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The OECD said higher inflation in the United Kingdom would continue to squeeze household incomes. Previously, the OECD had forecast growth of 2.1 percent and 1.9 percent respectively.

In its quarterly report, the Paris-based research body said it expects growth to ease off in some of those economies this year, but not by as.

With the euro area economy resilient, rising inflation would allow the European Central Bank to reduce its bond purchases gradually this year and subsequently phase out its negative interest rate policy, the OECD said.

The eurozone economy will likely see a robust and broad-based expansion, with growth in gross domestic product estimated at 2.3 percent this year and 2.1 percent next year.

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