OECD sees trade boosting global growth to 7-year high


Global economic growth accelerated previous year as higher investment and falling unemployment drove pickups in most major economies.

The latest report lifted growth forecasts for the US and euro zone economies.

Alvaro Pereira, the OECD's acting chief economist, said: "US steel and aluminium tariffs will raise costs and harm consumers, while not solving the global overcapacity problem". "We are getting back to more normal circumstances than what we've seen in the last 10 years".

Mr Pereira said global growth would be led by a recovery in investment, while an increase in trade volumes of 5.2% in 2017 was expected to continue in 2018. Trade protectionism, however, remains a "key risk" to the world economy, according to the report.

"This could obviously threaten the recovery".

The eurozone economy will likely see a robust and broad-based expansion, with growth in gross domestic product estimated at 2.3 percent this year and 2.1 percent next year.

Jordan Barnett Won't Play in Missouri's NCAA Tournament Opening Game
Eighth-seeded Missouri (20-12) opposes ninth-seeded Florida State (20-11) in West Regional action on Friday in Nashville, Tenn. They made the tourney a year ago , beating Florida Gulf Coast in the first round before falling to Xavier in the second round.

The OECD's latest economic outlook showed all but one G20 nation - Russian Federation - was set to grow at a faster pace this year than predicted last November.

The Paris-based organisation said the world economy was on course to expand at an annual pace of 3.9% over the next two years.

The body's Interim Economic Outlook - released as Chancellor Philip Hammond was preparing to paint a hopeful picture of Britain's prospects in his spring statement - nudges predicted United Kingdom growth for 2018 up by a tenth of a percentage point to 1.3%.

President Emmanuel Macron's social welfare, tax and labour market reforms would help France narrow the gap with Germany, with growth forecast at an 11-year high of 2.2 percent (+0.4) before easing to 1.9 percent in 2019 (+0.2).

China and Japan were forecast to achieve yearly growth rates of 6.7 percent and 1.5 percent, respectively, this year.

Britain, however, was seen missing out on the global upturn, lagging all other G20 countries with growth of only 1.3 percent this year, although up from a November forecast of 1.2 percent due to the broader global improvement.


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