OECD Cuts 2019 World Growth Forecast to 3.2 Pct

Economy

Paris, May 21 (Jiji Press)--The Organization for Economic Cooperation and Development, in its latest economic outlook report released Tuesday, lowered its forecast on real gross domestic product growth for the world for 2019 to 3.2 pct from 3.3 pct projected in March.

The downward revision reflects negative effects of prolonged U.S.-China trade war.

The Paris-based OECD cut its GDP growth forecast for Japan to 0.7 pct from 0.8 pct.

The report cited trade friction and uncertainty for the Chinese and European economies as major risk factors.

Trade tensions are hurting not only the short-term outlook but also medium-term prospects, the report said. "Against this backdrop, we strongly urge governments to use all the policy tools at their disposal," it added.

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