United Kingdom growth to be slowest in G20 this year, says OECD

United Kingdom growth to be slowest in G20 this year, says OECD

United States economic growth is tipped for a rise from 2017's 2.3% to 2.9% this year and 2.8% in 2019, on the back of tax cuts and spending increases under President Donald Trump.

The UK trails last out of the G20 economies in OECD growth projections for both 2018 and 2019, with Britain's rate of GDP increase declining in both years while many other countries surge ahead.

Growth will particularly be powered by private investment and trade picking up on the back of strong business and household confidence, the OECD said.

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. Certainly we believe this is a significant risk, so we hope that it doesn't materialize because it would be fairly damaging", Pereira said.

The OECD forecast the USA economy would grow 2.9 percent this year and 2.8 percent in 2019, with tax cuts adding 0.5-0.75 percentage points to the outlook in both years.

The UK will be the slowest-growing economy in the G20 barring South Africa if the OECD's predictions come through, with growth well behind the 2.2 per cent average expected in the Eurozone or the 2.5 per cent annual expansion in the US.

Missouri forward Jordan Barnett arrested for DWI
The University of Missouri student athlete handbook states a driving while intoxicated charge mandates a week minimum suspension. Jordan Barnett is suspended for the Tigers opening round NCAA Tournament game on Friday. "I don't know about that".

With tax cuts boosting the economy this and next year, the OECD forecast the upper bound of the target federal funds rate could reach 3.25 percent by the end of 2019 from 1.5 percent now. That was higher from a November forecast of 1.2 percent due to the broader global improvement.

But 2019 is unchanged at 1.1%, compared to the OECD's most recent forecast in November, and both years are down on the 1.7% growth recorded for 2017.

In contrast, stronger growth in France and Germany boosted the outlook for the broader euro zone to 2.3 percent for this year and 2.1 percent in 2019.

"In Japan, where underlying inflation and inflation expectations remain low, current stimulus measures need to be continued to help achieve the inflation target", the OECD said.

National Treasury now anticipates growth of 1.5% in 2018, rising to 2.1% in 2020.

In its quarterly report, the Paris-based research body said it expects growth to ease off in some of those economies this year, but not by as.

Related news:

Hot News

isis-killer-beheading-video-story-top Craig Mack Dead: Bad Boy Records Rapper Dies, Aged 46
Mar 13, 2018 - 13:57
It was something I wanted people to enjoy, but it was cut short because he was very religious and wanted to go to church'. His second album Operation: Get Down failed to live up to the same success and peaked at number 46 in 1997.

isis-killer-beheading-video-story-top Jose Mourinho Scorches Frank De Boer Over Rashford Comments
Mar 13, 2018 - 13:49
I read something, some quote from the worst manager in the history of the Premier League , Frank De Boer . Paul Pogba has an outside chance of being involved after he missed the Liverpool game with a gashed leg.

isis-killer-beheading-video-story-top Mourinho unrepentant in Manchester style wars
Mar 13, 2018 - 13:36
Those who are looking for enhanced odds exclusives can have a look at Betfair's enhanced odds of United beating Huddersfield 25/1. Defenders Phil Jones, Marcos Rojo and Daley Blind are expected to remain on the sidelines with midfielder Ander Herrera .

isis-killer-beheading-video-story-top Roque hits United Nations human rights chief's 'crude language'
Mar 13, 2018 - 13:32
Zeid said Duterte's attacks against UN special rapporteurs can not go unanswered and the UN Human Rights Council must take a position.

isis-killer-beheading-video-story-top Max Boot: Trump snookered by both Koreas into meeting Kim
Mar 13, 2018 - 13:16
But the uncertainty still lingers over plans for the first-ever meeting of a serving US president and a North Korean leader. The US president recently accepted an invitation to meet the North Korean leader in the coming months.

isis-killer-beheading-video-story-top HBO Nabs Limited Series The Undoing Starring Nicole Kidman
Mar 13, 2018 - 12:53
Kidman will again star and executive produce with Per Saari for Blossom Films while Kelley will write and executive produce. She said: " David has created another propulsive series with a fascinating, complicated female role at its centre".

isis-killer-beheading-video-story-top Harrison Ford honors Carrie Fisher at Mark Hamill's Walk of Fame induction
Mar 13, 2018 - 12:52
Star Wars' biggest star Mark Hamill has been appointed as the very first International Guest of Honour for the 2018 Festival. We in Tourism Ireland are extremely grateful to Mark for his wonderful comments about the Wild Atlantic Way and Ireland.

isis-killer-beheading-video-story-top Storm brushes area with a little snow overnight into Tuesday
Mar 13, 2018 - 12:38
The heaviest precipitation from the second system will likely occur on Thursday , with showers becoming more scattered on Friday . We took a step in the spring direction this past weekend as we sprung ahead our clocks back to daylight saving time.

isis-killer-beheading-video-story-top Could former Saint Mark Hughes return to Southampton as manager?
Mar 13, 2018 - 12:30
Saints were beaten 3-0 at Newcastle on Saturday and lie just one place and one point above the relegation zone. They are the ninth Premier League team to change their manager this season.

isis-killer-beheading-video-story-top Trump tariffs trigger Republican rebellion
Mar 13, 2018 - 11:41
Meanwhile, Trump's Treasury Secretary Steve Mnuchin was pressed repeatedly by " Meet the Press " host Chuck Todd who Trump attacked as a "sleeping son of a b--h" to respond to Trump's comments at the rally but brushed them off.

isis-killer-beheading-video-story-top Mnuchin: Trump may exempt more countries
Mar 13, 2018 - 11:31
The White House is now avoiding that kind of talk: "We will have ongoing discussions with Canada and Mexico", said the official. The tariffs - 25% on steel and 10% on aluminum - represent a significant change in US trade policy.

isis-killer-beheading-video-story-top Is American Idol making its grand return on TV?
Mar 13, 2018 - 11:05
ABC launched its reboot of the reality series, this time around with celebrity judges Luke Bryan , Katy Perry and Lionel Richie . The charismatic 17 year old skips school to audition in NY with a cutesy original folk-pop tune called "21st Century Machine".

isis-killer-beheading-video-story-top No new conditions on North Korea before talks
Mar 13, 2018 - 11:03
North Korea has a history of deceit and can not be trusted despite claims it wants to talk peace, says a national security analyst.

isis-killer-beheading-video-story-top Desperate Mourinho wants Neymar in Man United
Mar 13, 2018 - 10:55
Neymar would rather return to his old club, than to Real Madrid which is also very keen to have him at whatever the cost. Rakitic told reporters that Neymar is one of the players who he will always like to have in his team.

isis-killer-beheading-video-story-top Oil prices rise towards $70 fueling more subsidy fears
Mar 13, 2018 - 10:35
At stake is OPEC's production limits, which are among factors helping the oil market's monthslong recovery. Still, the United States is now the world's no. 2 crude oil producer, ahead of top exporter Saudi Arabia.