REUTERS
The Organization for Economic Cooperation and Development (OECD) has cut its economic growth forecasts for 2015 and 2016, warning of a dramatic slowdown in Brazil and a global outlook clouded by risks in China, according to Deutsche Welle.
The OECD, which had already slashed its economic forecasts three months ago, trimmed its 2015 growth forecast to 3.0% from 3.1% and the 2016 forecast to 3.6% from 3.8%, Deutsche Welle wrote on Wednesday.
According to the Paris-based organization, prospects for growth in the United States have improved, at least for this year. The OECD raised its corresponding growth outlook for 2015 to 2.4% from 2.0%, but lowered its 2016 forecast to 2.6% from 2.8% previously.
Looking at the eurozone, the OECD outlook was the brightest in four years. Euro area growth was projected at 1.6% this year and 1.9% next year.
The OECD slightly lowered its growth estimate for China to 6.7% for this year and 6.5% next year after a string of disappointing data and stock market routs.
Brazil appeared to be a particularly weak spot in the global economic outlook. The OECD said the emerging economy would contract 2.8% this year and 0.7% next year as it struggled with collapsing prices of exported commodities.