OECD: World Economy Projected to Grow 3.4% in 2014

The world economy is projected to grow 3.4 per cent this year, lower than earlier expected, with multiple risks including financial tensions in some emerging markets impacting overall prospects , according to OECD.  In its latest economic outlook report, the Paris-based think-tank has trimmed its global growth forecast to 3.4 per cent this year from the previous estimate of 3.6 per cent.

The Organisation for Economic Cooperation and Development (OECD) on Tueesday said the global economy would strengthen over the next two years, but urgent action is still needed to further cut unemployment and address other legacies from the crisis.

“GDP growth across the 34-member OECD is projected to accelerate to a 2.2 per cent rate in 2014 and 2.8 per cent in 2015…The world economy will grow at a 3.4 per cent rate in 2014 and 3.9 per cent in 2015,” the report said.

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