2017.11.2805:30:00UTC+00OECD Sees Strength In Global Growth

The global economy has strengthened as monetary and fiscal stimulus underpin improvement in growth rates across most countries, the Organisation for Economic Co-operation and Development said in its Economic Outlook, released Tuesday.

The Paris-based think tank forecast global economy to grow 3.6 percent this year, instead of 3.5 percent projected in September. The outlook for 2018 was retained at 3.7 percent.

The global GDP is forecast to expand 3.6 percent in 2019.

In the United States, growth was estimated at 2.2 percent in 2017, rising to 2.5 percent in 2018, then dropping back to 2.1 percent in 2019.

The euro area was expected to grow at a 2.4 percent rate in 2017 and a 2.1 percent pace in 2018, before slowing to a 1.9 percent pace in 2019, the OECD said.

In the United Kingdom, the growth slowdown was expected to continue through 2018, due to continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power.

The OECD forecast the economy to grow by 1.5 percent this year, 1.2 percent in 2018 and 1.1 percent in 2019.