GDP growth seen largely unchanged - OPEC

Economy 10/11/2018, 1:39 PM
GDP growth seen largely unchanged - OPEC

World Gross Domestic Product (GDP) growth expectation was downgraded slightly to 3.7% due to a slowdown in developing countries, while it stayed the same for the next year, at 3.6%, a report by the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday. It noted, however, that the forecast assumes there will be no additional trade tariffs.

Growth projections for economies in the United States, Eurozone, Japan and China were unchanged from September, standing at 2.9%, 2%, 1.1% and 6.6% for the current year, respectively. Next year, GDP is expected to increase by 2.5% in the US, 1.9% in the euro area, 6.2% in China and remain at the same level in Japan. Growth in the US was partially attributed to "fiscal stimulus," while weaker expansion in Europe was explained by "high sovereign debt levels in several economies."

Russia's economy was seen expanding 1.6% in 2018 with a slight acceleration to 1.7% next year, the report by OPEC noted.

Breaking the News / NI