The Organization for Economic Cooperation and Development (OECD) adjusted to the lower rate of world growth, rising from 3 per cent in its last forecast in June— by 2.9%, a figure that is the lowest since the financial crisis (2008-2009). While for the 2017 provides for a rate of 3.2%.
In this way, the OECD blamed the international trade as one of the main factors of the deterioration of its projection, given that this year would grow less economic activity and this implies that globalization as measured by the intensity of the trade may have stalled.
The supply chains that add value, mainly related to China or other asian countries, are weakening to the extent that China seeks to lower dependence on exports for its economy, according to the Reuters news agency.
threats to productivity
OECD pointed out that the lower performance of business and the recession in some countries producers of raw materials are contributing to the slowing growth, which could worsen the situation of the productivity and deteriorate quality of life.
"If we can return to the kind of growth that we had in the 1990s and the 2000, we will be able to return to rates of growth of productivity as previous to the financial crisis," said the chief economist of the OECD, Catherine Mann, to Reuters.
in Addition, he noted that "productivity has basically fallen by half since the financial crisis, and that is a recipe for failing to meet the promises that have been made to all the citizens."
Mann said that a global growth of only 3.2% in 2017, compared to the forecast of a 3.3 per cent in June, would not be sufficient to generate the jobs needed by the young people, or to respect the promises of pensions for the elderly.
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