OECD Slashes Global GDP Forecast, Warns “Outcome Could Be Weaker Still”

Wednesday, March 6, 2019
By Paul Martin

by Tyler Durden
Wed, 03/06/2019

The world is rapidly headed for a recession unless something changes, according to the latest gloomy warning from the OECD overnight, which has joined the IMF in warning that the global economy is suffering more than expected from trade tensions and political uncertainty which are clouding prospects particularly in Europe, where the OECD slashed its 2019 growth outlook to just 1%, almost half its prior 1.8% forecast.

“The global expansion continues to lose momentum,” the Paris-based Organization for Economic Cooperation and Development said as it downgraded the 2019 GDP forecast of almost every Group of 20 nation including the US, China, UK and euro area, while it now expects Italy to be headed to worst year since 2013. “Growth outcomes could be weaker still if downside risks materialize or interact.”

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