Disappointed in world economy, OECD cuts growth outlook

The OECD on Thursday lowered its expectations for global growth, saying it was disappointed with the world's economic performance, and urging governments to do better. Global growth of gross domestic product (GDP) for 2016 is now projected at 3.0 percent, down from a previous forecast of 3.3 percent, as financial instability, sluggish demand and weak investment take their toll, the 34-member Organisation for Economic Cooperation and Development said in its latest interim outlook. If confirmed, this would be no better than last year's growth, "itself the slowest pace in the past five years", the OECD quipped, adding that economic actors had failed to make good use of cheap oil and easy credit.

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