OECD Cuts Global Growth Forecasts
In its June update, the OECD has reduced its forecast for global GDP growth in 2015 to 3.1%, down from 3.7% in its last update in November. This would represent a slight slowing from last year's expansion of 3.3% in world GDP. However, growth is expected to accelerate to 3.8% in 2016. The US is expected to see GDP growth of 2.0% in 2015, down from 2.4% in 2014, while the Euro area and Japan are forecast to see modest expansion of 1.4% and 0.7%, respectively. Chinese GDP growth is expected to come in under the government's official 2015 target, at 6.8%.