UPDATE - OECD Lowers 2019 Global GDP Growth Forecast From 3.7% To 3.5% - Economic Outlook

Fahad Shabbir (@FahadShabbir) Published November 21, 2018 | 04:12 PM

BRUSSELS (UrduPoint News / Sputnik - 21st November, 2018) The Organisation for Economic Co-operation and Development (OECD) has lowered its prognosis for the global GDP growth for 2019 from 3.7 percent expected in September report to 3.5 percent, according to the organization's Economic Outlook issued Wednesday.

The prognosis for 2018 has remained the same at 3.7 percent.

The OECD is expecting global GDP growth to be at 3.5 percent in 2020.

The OECD expects Turkish GDP in 2019 to decrease by 0.4 percent, while in September a growth of 0.5 percent was estimated. However, in 2020, the economic growth of 2.7 percent is expected.

"The [Turkish] economy is projected to contract in 2019 as a sharp fall in domestic demand from the second half of 2018 will be offset only partially by an increase in exports. A gradual recovery in domestic confidence and demand is projected to help growth to recover in 2020. Regaining business, household and investor confidence in monetary and fiscal policies will be crucial," the OECD report said.

The economic growth in Germany is expected to lower, but "remain solid," the report said: Germany's GDP is predicted to grow by 1.6 percent in 2018 as well as in 2019, but only by 1.4 percent in 2020.

GDP growth in Italy, currently in disagreement with Brussels over its draft budget, is estimated likely to reach 0.9 percent in 2019 and 2020. The Italian government expected a growth of 1.5 percent in 2019 and 1.6 percent in 2020, according to the initial draft budget.

In Greece, GDP growth is expected to reach 2.2 percent in 2019 and decrease slightly to 2.1 in 2020.

'The large contribution of exports to growth will decline, but the recovery of household consumption and investment will gain traction with rising confidence. Continued implementation of the government's reform programme will support the recovery. Unemployment, while still high, will continue to fall," the report said.

In India, GDP growth is estimated to reach 7.5 percent in 2018, lower to 7.3 percent in 2019 and rise to 7.4 percent in 2020.