The world economic outlook is looking rather mediocre and dismal, warns the head of the Organisation for Economic Cooperation and Development
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The global economy is struggling, due to weak trade and problems in emerging markets.
That’s according to the head of the Organisation for Economic Cooperation and Development.
Trade is growing at 2% to 3%, it should be growing at 7%.
Only five times in the last 50 years has trade been growing below the rate of growth of the GDP of the world. On those 5 occasions, there been a very serious deceleration, even a recession.
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
In Europe, while France has continued to underachieve in its manufacturing sector, with the recent fuel blockades unlikely to help matters in the coming weeks, a reading of 48.3 is expected here, we have seen the latest German, Spain and Italian numbers hold above the 50 levels quite comfortably, though they have been slowing on a month on month basis.
Spain and Italy are expected to show readings of 52.6, 53.5, both down on April, while German activity has started to improve with a reading of 52.5 expected, up from 51.8.