The loss of economic momentum in some emerging market economies (EME) is affecting global growth, the OECD has warned, despite strengthening recoveries in most developed economies.
In its Interim Economic Assessment, published Tuesday, the organization said that “transitory factors” had led to an uneven growth picture in several cases, with emerging economies of particular concern.
“Given that emerging economies now account for over half the world economy, continued sub-par economic performance for several of the major EMEs is likely to mean that global growth remains only moderate in the near term,” it said.
Across the G7 group of leading industrialized nations, the OECD expects gross domestic product (GDP) growth to expand from 2 percent at the end of 2013, to 2.2 percent in the first quarter of 2014, before falling back to 2 percent in the second three months of the year.
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