Wednesday, July 30, 2014   

OECD cuts global growth outlook
(05-07 11:41)

The Organization for Economic Cooperation and Development is lowering the global growth outlook. The world economy is projected to grow 3.4 percent this year, down from the 3.6 percent estimate six months ago. It will accelerate to 3.9 percent in 2015.
The reason is slower growth from developing economies. The euro area is expected to pick up by 1.2 percent, higher than the 1 percent previously expected. Emerging market economies such as China and Russia may post less growth, with China’s likely to slow down to 7.4 percent this year. The OECD attributed the slower growth forecast to Beijing’s efforts to rein in shadow banking, overcapacity in certain industries and a cooling property market. --Xinhua   
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