Istanbul, Sep 16 () - Organisation for Economic Co-operation and Development (OECD) lowered its forecast on the global economic growth for this year and next year, based on the concerns over slowdown in Chinese economy.
According to a statement released by the Paris based research body, the global economic growth forecast fell from the 3.1 percent level to 3.0 percent level for 2015 in June, while for the same period it fell from 3.8 percent level to 3.6 percent level for 2016, as ripples from China outweigh an improvement in the U.S.
“Global growth will remain subpar in 2015. Some strengthening in growth is expected in 2016, but doubts about future potential growth continue to build” also stressed the OECD.
The Organization also stressed expectations that Chinese growth would slow to 6.7 percent this year and 6.5 percent next year, after 7.4 percent in 2014, having zeroed in on the slowdown in China as the major risk that the global economy and authorities face.
According to the OECD, while the strength of the U.S. economy showed that the Federal Reserve was progressively raising interest rates at a gradual speed, the robustness was not enough to illustrate an overall optimistic outlook, for the rest of the world.