OECD Sees Better Outlook, if Trade Escalation Avoided

OECD urges world to play by trade rules as tariff row rages

OECD urges world to play by trade rules as tariff row rages

In its latest snapshot on global performance the Organisation for Economic Cooperation and Development (OECD) raised its growth forecast for both 2018 and 2019 to 3.9% - the highest since 2011 - from a previous estimate of 3.6%.

The OECD blamed the UK's position on high inflation dampening consumer demand and continued uncertainty about Brexit.

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The March update lifts the forecasts from the 2.8 per cent and 2.7 per cent predicted in November.

U.S. 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. The figure for next year was also increased from 3.6 percent to 3.9 percent. 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.

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The report forecast a gradual rise in price and wage inflation in major economies, accompanied by a "normalisation" of interest rates away from the near-zero lows they have maintained in many countries since the crash of 2008.

The OECD's acting chief economist said any trade war resulting from US President Donald Trump's planned import duties on steel and aluminium products, would prove "fairly damaging". "Safeguarding the rules-based global trading system is key".

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"Governments should avoid escalation and rely on global solutions to resolve excess capacity in the global steel industry".

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