Global economic growth forecast revised down

Business Materials 19 November 2018 15:12 (UTC +04:00)

Baku, Azerbaijan, Nov.19

By Leman Zeynalova – Trend:

The global economic growth forecast for 2018 remains unchanged at 3.7 percent, OPEC said in its Oil Market Report.

This is while the 2019 forecast was revised down slightly by 0.1 percentage point (pp) to now stand at 3.5 percent, on the back of a slowing dynamic amid rising trade tensions, monetary tightening, particularly in the US, and mounting challenges in emerging markets and developing economies, said the cartel.

In the Organization of Economic Co-operation and Development (OECD), growth in the US is assessed to be unchanged at 2.9 percent in 2018, but was revised slightly upward to 2.6 percent in 2019.

Euro-zone growth was revised down to 1.9 percent for 2018 and to 1.7 percent for 2019.

“GDP growth in Japan remains at 1.1 percent in both 2018 and 2019 each. In the non-OECD countries, both India’s and China’s growth forecasts were revised slightly downward to 7.5 percent and 6.5 percent for 2018, respectively, and lowered to 7.2 percent and 6.1 percent, respectively, for 2019,” said the report.

The cartel said that the growth in Brazil remains unchanged at 1.1 percent in 2018 and at 1.8 percent in 2019.

Russia’s GDP growth forecast is also unchanged at 1.6 percent in 2018 and 1.7 percent in 2019, according to OPEC.


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