The OECD has predicted the global economy is set to grow 3.5% this year, its best performance since 2011, with growth nudging up to 3.6% in 2018.
It is a slight improvement on the think tank’s 3.3% estimate, which it predicted in March.
The OECD said increased trade and investment flows had offset a weaker outlook in the US.
It said UK growth forecasts of 1.6% in 2017 and 1% in 2018 remained unchanged from its March prediction.
“Everything is relative. What I would not like us to do is celebrate the fact we’re moving from very bad to mediocre.
“It doesn’t mean that we have to get used to it or live with it. We have to continue to strive to do better.”
He warned that the improved outlook could be damaged by protectionism and it was not strong enough to satisfy people’s expectations for a better standard of living or greater equality.
Growth continues to fall short of rates seen before the 2008-09 financial crisis.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.