OECD Growth Forecasts 2019

OECD Growth Forecasts 2019

Question: Consider the following statements:
1) OECD has cut its 2019 forecasts for global economic growth to 3.3 percent for the current year, down from 3.5 percent it predicted earlier
2) The season behind the slowdown is political uncertainly including Brexit and erosion of business and consumer confidence
According to the above given facts which of the following alternatives is/are true:
(a) Only 1
(b) Only 2
(c) 1 and 2 both
(d) Neither 1 nor 2
Answer :(c)
Related facts:

  • On 6th March 2019, the Organisation for Economic Co-operation and Development (OECD) has reduced the world economic growth forecasts for the year 2019.
  • The report notes that trade tensions and political uncertainly, including Brexit and erosion of business and consumer confidence are contributing to the slowdown of the world economy.
  • OECD has cut its 2019 forecast for global economic growth to 3.3 percent for the current year, down from 3.5 percent which it had predicted earlier.
  • The 19-nation euro zone was particularly hard to hit with predicted growth dropping from 1.8 percent to 1 percent which was contributed to policy uncertainty including those over Brexit.

About OCED:

  • OECD is an inter-governmental economic organization with 36 member countries to stimulate economic progress and world trade.
  • In the year 1948, the OECD originated as the organization for European Economic Co-operation (OEEC).
  • In the year 1961, the OEEC was reformed into OECD and membership was extended to non-European states.

Links:
https://www.business-standard.com/article/pti-stories/oecd-cuts-global-growth-forecast-over-trade-brexit-uncertainty-119030600687_1.html
https://en.wikipedia.org/wiki/OECD