OECD revises up 2017 global growth to 3.6 pct

PARIS, Nov. 28 (Xinhua) -- The global economy is set to grow 3.6 percent this year before nudging up to 3.7 percent in 2018, the best performance since 2011, the Paris-based Organisation for Economic Cooperation and Development (OECD) said Tuesday

"The world economy has strengthened, with monetary and fiscal stimulus underpinning a broad-based and synchronized improvement in growth rates across most countries," the OECD said.

Expected robust growth in key European countries would drive euro zone figure higher to 2.4 percent in 2017 and 2.1 percent in 2018, it said.

"The revised projections reflect stronger-than-expected performance in the first half of 2017, in the context of rising employment, accommodative monetary policy and stronger consumption growth and investment," the OECD said.

For Britain, the organization painted a mixed outlook due to a persistent growth slowdown through 2018 following "continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power."

In its updated economic outlook, the Paris-based organization said "expansion in the major emerging market economies is improving on the back of renewed infrastructure investment in China and recovery from recession in major commodity-exporting economies."

Due to "the ongoing rebalancing in China's growth model," growth in Beijing is projected at 6.8 percent in 2017, 6.6 percent in 2018, up by two percentage points from previous report.

"Growth has picked up momentum and the short-term outlook is positive," said OECD Secretary-General Angel Gurria.

However, he warned that "there are still clear weaknesses and vulnerabilities," stressing "a need to focus on structural and fiscal action on boosting long-term potential as monetary policy support is reduced."

"Countries should implement reform packages that catalyze the private sector to promote productivity, higher wages and more inclusive growth," he added. Enditem