The Organization for Economic Co-operation and Development (OECD) has called on states to avoid trade conflicts in a context marked by escalating trade tensions between the United States and China.
On the sidelines of its annual meeting that opens Wednesday in Paris, the Organization called on states to avoid “emergency” a trade war that could affect the global economy. In its new forecasts, the OECD expects 3.2% growth of the world economy against 3.3% in March and 3.5% by the end of 2018. In 2020, however, growth should rebound to 3.4%.
Despite trade tensions with China, the growth of the US economy has been revised upwards to 2.8% this year, although it should decline slightly to 2.3% next year. The Chinese economy will experience a slight slowdown and should grow by 6.2% in 2019. In 2020, the OECD expects growth of 6%. In the euro zone, the OECD has maintained its forecast at 1.2%.