The OECD forecast released to has urged governments around the globe to boost spending, saying that if they don’t the world economy will meander along at its slowest pace since the financial crisis for a second year in a row in 2016. The independent body estimated that the global economy will grow only 3.0 percent this year due to businesses wary of investing and consumers cautious about spending.
This would represent a decline on last year which is already the worst since 2009. The OECD reiterated a warning that Britain would suffer a sharp slowdown in growth if voters opted in a referendum this month to leave the European Union. In light of the political uncertainty surrounding the vote, OECD cut its forecast for 2016 British growth to 1.7 percent from 2.1 percent previously, assuming voters opted to stay in the EU.
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