Paris — The Organisation for Economic Co-operation and Development (OECD) has cut forecasts again for the global economy in 2019 and 2020, following on from previous downgrades in November, as it warns that trade disputes and uncertainty over Brexit will hit world commerce and businesses. The organisation forecasts in its interim outlook report that the world economy will grow 3.3% in 2019 and 3.4% in 2020. These forecasts represent cuts of 0.2 percentage points for 2019 and 0.1 percentage points for 2020, compared to the OECD’s last set of forecasts in November. “High policy uncertainty, ongoing trade tensions, and further erosion of business and consumer confidence are all contributing to the slowdown,” said the OECD in its report. “Substantial policy uncertainty remains in Europe, including over Brexit. A disorderly exit will raise the costs for European economies substantially.” Europe remains impacted by uncertainty over Britain’s plans to exit the EU, the US-China trade spat a...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now