Protectionism threatens global growth, OECD warns

A modest recovery underway in the global economy is at risk from economic nationalism and diverging central bank policies, the OECD said yesterday as it forecast only a slight pick-up in growth. GDP for the euro area is expected to expand by 1.6% both this year and next. In general, OECD expects improvement in world trade, especially in Asia, but believes that the growth will happen at a slower pace than that recorded before the 2008-2009 global financial crisis.

"Disconnect between financial markets and fundamentals, potential market volatility, financial vulnerabilities and policy uncertainties could, however, derail the modest recovery", the OECD said in its report. "While immediate indicators of financial market stress have generally moderated compared with a year ago, underlying tensions have continued to rise".

Among the specific country outlooks highlighted by the OECD were the United States, where domestic demand is set to strengthen, supported by gains in household wealth and an upturn in oil production.

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The OECD warned growth would be hit by "uncertainty" about Britain's future trading relationship with the European Union and rising inflation, which last week was pushed to a two-and-a-half-year high of 1.8% by the collapse in the pound following last year's referendum. "An increase in trade barriers in the major global trading economies - Europe, the United States and China. would have a major adverse impact on trade and GDP, particularly for those economies that imposed new trade barriers".

Trump has also repeatedly trashed the North American Free Trade Agreement and threatened to slap tariffs on imports from Mexico.

The White House's formal trade policy agenda, says that in "too many instances, Americans have been put an an unfair disadvantage in global markets".

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Rauner's respective representatives for more information and comment. "I said , if we stood together Chance, I have some power". The meeting lasted about 30 minutes, according to the Chicago Sun-Times.

'Falling trust in national governments and lower confidence by voters in the political systems of many countries can make it more hard for governments to pursue and sustain the policy agenda required to achieve strong and inclusive growth, ' the OECD said. The forecast for 2018 remains unchanged at 1%.

In Japan, fiscal easing and improvements to women's labor force participation will help GDP growth rise to 1.2 percent up by two percentage points from November forecast.

The OECD used its interim economic outlook today to encourage governments to maximise any fiscal wriggle room they have to bolster economic growth and get to grips with inequality. The outlook for the fiscal year 2018 was retained at 7.7 percent.

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