OECD raises GDP forecast for Poland

The forecast was raised from 3.3% predicted in November.

In its latest economic outlook published on Wednesday, the organization of 35 countries said that global economic growth in 2017 and 2018 was expected to pick up pace but was still not sufficient to "sustain strong gains in standards".

The global economy will grow 3.5 percent in 2017 before accelerating slightly to 3.6 percent in 2018. The OECD expects USA growth this year of 2.1%, down from the 2.4% forecast it gave in March.

"Economic activity slowed in 2016 against the backdrop of a failed putsch in July and increased geopolitical tensions in the region", the organization said in its economic outlook for June 2017.

The OECD estimates United Kingdom economic growth of 1.6% this year, followed by growth of just 1% in 2018 - unchanged from its previous estimate.

The report came after the export-reliant Japanese economy registered five straight quarters of growth in the January-March period, driven by robust overseas demand and recovering consumption.

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"Weaker growth could push the unemployment rate above 5%".

"The stronger policy-driven demand growth in China and many other Asian economies that is helping to underpin the modest global upturn projected in 2017 and 2018 can not be sustained indefinitely", the OECD said. It also lowered its projection for 2018 to 2.4% from 2.8%, reflecting a later start for investment programs and tax changes it had expected from the new administration.

According to the Organisation for Economic Cooperation and Development (OECD), the uncertainty and the assumed outcome from Britain leaving the European Union, is projected "to undermine spending, in particular investment".

"The Government should ensure that its medium-term goal of balancing the budget is met, thus leaving room to use fiscal policy to support growth if needed".

The OECD also highlighted growing risks in housing markets, where prices in some countries have risen to levels that have in the past preceded busts. The report, however, added that China's continued decisions to cut Korean imports and ban Chinese tour groups may lower GDP growth my 0.2 percentage point.


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