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Countries Must Spend to Escape ‘Low-Growth Trap,’ O.E.C.D. Says (News: 01/06/16)

Today's Press

  • The world economy is locked in a “low-growth trap” and will expand this year at its slowest pace since the financial crisis, the Organization for Economic Cooperation and Development said on Wednesday, urging governments to increase spending.

  • Despite strong buyer demand in the housing market, mortgage applications decreased 4.1 percent last week from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.

  • Gross domestic product probably grew at a 2.1 percent annual pace in the three months that ended March 31, compared with a preliminary reading of 1.7 percent growth, according to the median forecast of 12 economists in a Bloomberg survey. A Finance Ministry report on Wednesday showed that capital spending excluding software rose 1.4 percent in the first quarter from the previous quarter, a figure that will be used to calculate revised GDP on June 8.

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