- Lowers US 2014 GDP to 2.6% from 2.9% in Nov
- Raises EU GDP to 1.2% from 1.0% in Nov
- Lowers China to 7.4% from 8.2%
- Lowers Japan to 1.2% from 1.5% prior
- Raises UK to 3.2% vs 2.4% prior
- Raises Germany to 1.9% from 1.7% prior
- Lowers France to 0.9% from 1.0% prior
Here’s the rundown
OECD global growth forecasts 06 05 2014
Eurozone
- Sees eurozone GDP at 1.2% 2014, 1.7% 2015
- CPI 0.7% 2014, 1.1% 2015
- Core CPI 0.9% 2014, 1.1% 2015
- Unemployment 11.7% 2014, 11.4% 2015
- Says that the ECB should consider more stimulus to tackle low inflation
- ECB should cut main rate to zero and deposit rate to slightly negative level to counter low inflation
- Very low underlying inflation and large economic slack are expected to persist for several quarters
Other comments
- UK should do more to curb rising house prices
- US economy to see faster growth after winter freeze
- Sees quickening growth in Eastern Europe but Ukraine a risk
- Ukraine crisis could hurt trade flows and curb growth
- Chinese growth to slow as government rein in shadow banking sector, overcapacity in steel and cement industries & cooling property market
They’ve also given inflation forecasts
OECD inflation forecasts 06 05 2014
I think I’ve covered the main points. If you want the full report knock yourselves out here.
