Potential trade war threatens global economic growth, OECD warns

13 March, 2018, 14:12 | Author: Regina Silva
  • OECD urges world to play by trade rules as tariff row rages

An escalating trade war is one of the only things standing in the way of the global economy growing at its fastest pace since 2010 this year and next, according to the influential Organisation for Economic Co-operation and Development (OECD).

A seagull flies by as cargo ships and an offshore supply vessel lie at anchor at sunrise off Sousse, Tunisia February 14, 2018.

As downside risks, the report cited persisting gestures of trade protectionism, the normalization of monetary policies in key countries, demographic changes and a decrease in mid- and long-term investment.

City and academic economists expect the United Kingdom economy to expand at an annual pace of 1.5% over the next two years, and Chancellor Philip Hammond is expected to reveal a more optimistic outlook in updated official forecasts on Tuesday.

Upgrading its forecasts, the Paris-based group in part cited USA tax cuts for the better numbers.

"Growth is steady or improving in most G20 countries and the expansion is continuing", said OECD acting chief Economist Alvaro Pereira, "[But] an escalation of trade tensions would be damaging for growth and jobs".

The OECD projects that the global economy will grow by 3.9% in both 2018 and 2019, with private investment and trade picking up on the back of strong business and household confidence.

Mourinho fires back at De Boer
Mourinho did not take kindly the Dutchman's comments, and launched a scathing attack on him during a press conference on Monday. I say Liverpool because they are an example of a very good team, a good example of an important stadium with a big tradition.


NCAA snubs Notre Dame, USC highlight NIT field
Notre Dame is another team to look at, as they came within single digits to CT when the teams played earlier in the season. Despite boasting one of the most efficient offenses in the country, the Gaels will be playing in the N.I.T. again.


HBO calls on David E. Kelley and Nicole Kidman for 'The Undoing'
Before Kidman appears in The Undoing , she'll reprise her role as Celeste Wright in season two of Big Little Lights . And it wasn't just the network excited to see the adaptation take off, with Nicole sharing her excitement as well.


Financial markets have been hit by fears of a trade war following U.S. President Donald Trump's move to slap tariffs on steel and aluminum imports.

"This could obviously threaten the recovery". That's up from 3.7 per cent and 3.6 per cent respectively compared with its November projections.

With Britain due to leave the European Union next year, its economic growth was seen easing to 1.1 percent in 2019, unchanged from the OECD's November estimate.

By contrast, growth in the global economy is expected to strengthen further from its six-year high of 3.7% in 2017 to reach 3.9% in 2018 and 2019.

Robust exports to Asia and the effect of a supplementary budget for fiscal 2017 through March will help support Japan's economic growth, the OECD said as it lifted its forecasts for the world's third biggest economy also for both years.

The eurozone economy will likely see a robust and broad-based expansion, with growth in gross domestic product estimated at 2.3 percent this year and 2.1 percent next year.

Recommended:

  • Premier League Stars Headline Brazil Squad For Russia, Germany Friendlies

    Premier League Stars Headline Brazil Squad For Russia, Germany Friendlies

    The Russia game will take place in Moscow before Brazil fly to Berlin to face Germany. Forwards: Gabriel Jesus, Roberto Firmino, Douglas Costa, Taison, Willian Jose.
    Muthalik cleared in 2009 pub attack case

    Muthalik cleared in 2009 pub attack case

    About the accused who were acquitted on Monday, Karandlaje said, "They were in jail for six years without any reason". However, in 2010, Muthalik said that the attack was a "big mistake" as it had affected his group's reputation.
    Roger Federer crushes Filip Krajinovic in Indian Wells last 32

    Roger Federer crushes Filip Krajinovic in Indian Wells last 32

    Indications that he was in good touch came in the second game of the match when he sealed a break to go 2-0 ahead. Wozniacki hit two aces and won 64 percent of her first-serve points in the two hour, 17 minute match.
  • Mizzou suspends Barnett for NCAA opener

    Mizzou suspends Barnett for NCAA opener

    During Sunday's selection show on CBS, Florida State (20-11) learned it received a No. 9 seed in the West Region. Barnett won't play against FSU but will be allowed to practice this week and travel with the team to Nashville.
    CM Punk says he will return to UFC on June 9

    CM Punk says he will return to UFC on June 9

    Former WWE star CM Punk has confirmed that he will fight in the UFC for a second time in the summer. Should Punk secure a win, talks about him fighting Floyd Mayweather Junior could gain momentum.
    Albert Adomah inspires Aston Villa to derby romp against leaders Wolves

    Albert Adomah inspires Aston Villa to derby romp against leaders Wolves

    Some unusually lax defending, particularly at set-pieces, proved the catalyst behind Wolves' heaviest defeat of the season. Vexed supporters of the Molineux club took to social media to vent about the Villa boss.
  • Georgia Healthcare Group (GHG) Given "Add" Rating at Numis Securities

    Numis Securities restated their add rating on shares of Hill & Smith (LON:HILS) in a research report released on Thursday morning. It operates through its Hostelworld flagship brand, as well as under the Hostelbookers and Hostels.com brands.
    Manchester United midfielder Carrick to retire at end of season

    Manchester United midfielder Carrick to retire at end of season

    The post Man United Captain Carrick Confirms Plans To Retire At End Of Season appeared first on Complete Sports Nigeria . He seamlessly turned his direction at the last juncture to curve one past the keeper to take the lead in the 14 minute.
    Tariff plan will be fair, flexible to friendly countries

    Tariff plan will be fair, flexible to friendly countries

    He said the tariffs would also hurt the USA auto industry and result in higher costs for consumers on both sides of the border. Other world leaders expressed hope that deals would be made with the Trump administration to avoid tit-for-tat tariffs.
  • NCAA Tourney 1st: UCLA starting in Dayton vs. St. Bonaventure

    NCAA Tourney 1st: UCLA starting in Dayton vs. St. Bonaventure

    Bonaventure won Atlantic 10 regular season and back are back in the field for the first time since 2012 and seventh all time. The tired Bruins didn't practice Saturday after returning from Las Vegas and didn't take the court Sunday, either.
    Charlie Nicholas' predictions: Can Manchester United and Chelsea progress?

    Charlie Nicholas' predictions: Can Manchester United and Chelsea progress?

    Carrick knows better than anyone in the squad about the high standards demanded at Old Trafford. It's something you've got to accept so that's where I am at.
    Struggling Southampton fires manager Mauricio Pellegrino

    Struggling Southampton fires manager Mauricio Pellegrino

    Mark Hughes has been named as the "leading candidate" for the vacant Southampton manager's position, not Marco Silva . That latest setback left Saints languishing just one place and one point above the relegation zone.


Popular

Federer cruises past Krajinovic at Indian Wells
Seventh seed Kevin Anderson took down Nicolas Kicker 7-6 (1) 7-6 (3) and South Korea's Chung Hyeon beat Tomas Berdych 6-4 6-4. In large parts of the match, Federer used the drop shot to get the Serbian off the balance.

Xiaomi pushes MIUI 9 Stable Global ROM to all major devices
Xiaomi India VP and India MD Manu Kumar Jain on Monday announced the availability of MIUI 9 to all compatible devices in India. And lastly, the MIUI 9 also has an image search feature that can differentiate between images by keywords entered by the user.

90s hip hop star Craig Mack passes away
Rapper Biz Markie also paid tribute , saying: "He had two flawless singles and the platonic rap remix". Craig Mack will forever be remembered for his " Flava In Ya Ear " remix. "He wasn't scared.

Manchester United's Paul Pogba trains 'a little bit' ahead of Sevilla
They register one win on the road, but it was against a lowly Malaga side that can't get a win to save their lives at the moment. In the Champions League, the team has a slight edge ahead of this game since the first leg ended with a scoreless draw.

Seoul to closely cooperate with China, Japan to tackle North Korea issue
They also say the North could even offer to reduce the amount of nuclear materials it has saved for making nuclear weapons . While Suh returns to Seoul, Chung is set to make a two-day trip to Moscow to consult Russian officials.

Merkel hopes to revive Ukraine peace deal after Russian Federation election
Merkel welcomed talks the European Union has already started, and said the new German government will hold talks of its own.

U.S. notes Taliban 'interest' in peace talks
But the Taliban has so far ruled out direct talks with the Western-backed government, which they say is illegitimate. The insurgent group has said it was prepared to negotiate, but only with the USA and not with the Kabul government.

China's foreign ministry defends Duterte record on drugs, terrorism
The list included Victoria Tauli-Corpuz, a United Nations special rapporteur for indigenous people's rights. Ms Tauli-Corpuz denounced the Government, calling the complaint "baseless, malicious and irresponsible".

Rabada found guilty of pushing Steve Smith, gets 2-match suspension
De Villiers also passed 8,500 test runs, the fourth South African after Jacques Kallis, Graeme Smith and Hashim Amla to do that. Warner accepted a Level 2 offence and was fined 75% of his match fee by the ICC over the incident, but avoided a one-Test ban.

Raptors visit struggling Nets in search of ninth straight win
During this winning streak, those numbers are 114 points per game and 47 percent shooting with an offensive rating of 114.5. Houston trailed by 15 at half-time and were down by 17 with less than five minutes to play in the third quarter.