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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