Global GDP growth is projected to slow from 3.3 percent in 2024 to 2.9 percent this year and the next year, the Organization for Economic Cooperation and Development (OECD) said on Tuesday.
In its latest Economic Outlook, the OECD revised down its global growth forecast, citing a technical assumption that existing tariff rates as of mid-May will remain in place, despite ongoing legal disputes.
The organization warned that if current trends persist -- such as rising trade barriers, tighter financial conditions, weakening business and consumer confidence and increased policy uncertainty -- they could significantly undermine global growth prospects.
-XINHUA
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