OECD reports on global economic growth

The Organisation for Economic Cooperation and Development has changed its mind about initial global growth forecast and lowered them from 3.6 percent to 3.4 percent.

The most powerful reason for this drop is that, globally, we are still living in the shadows of the global crisis and certain economical sectors, like unemployment rates, are pulling the others down.

‘We’re still living with the legacies of the crisis, this is the problem. Because what we’re seeing is better numbers, but those downside risks are still there, low growth is still there, very high unemployment numbers are absolutely still there,’ explained Angel Gurría, Secretary-General of the OECD.

Since the last OECD forecast in November 2013, the 2014 report predicts an economical growth in the eurozone and Britain but a fall for the US, China and Russia.

Therefore, severe weather condition experienced by Americans since the beginning of this year had cut down its growth from 2.9% to 2.6%.

The UK jumped from a 2.4% GDP to an outstanding 3.2% increase.

On the whole, the eurozone is expected to expand by 1.2% this year.