Economic growth forecast lowered by OECD

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The Organisation for Economic Co-operation and Development (OECD) has cut its growth forecasts for most of the world's major economies and warned that unless policymakers take action, there is a risk of a real economic crisis unfolding.

The OECD's quarterly update on the global economy showed that it expects GDP growth to average out at around 3.3% in 2019, down from 3.5% at its last update in November past year.

The growth forecast for European powerhouse Germany sank to 0.7 per cent from 1.4, while Italy's fell from 0.9 per cent growth into a recession at minus 0.2 per cent.

The Organisation for Economic Co-operation and Development (OECD) said a no-deal withdrawal would knock around 2 per cent off United Kingdom growth over the next two years, but cautioned the effects would be "stronger still" in a disorderly exit from the EU.

The OECD's downward revision comes a matter of days after Moody's slashed its growth outlook for the South Korean economy to 2-point-1 percent, . citing a weakening investment cycle, . the deceleration in global trade, .as well as lower demand in China for intermediate products.

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But Argentina needs to carry out reforms that improve the outlook of its fiscal and financial sustainability in the medium term, the report added.

The think tank cut the United States growth forecast to 2.6 percent from 2.7 percent for this year. Diplomats said talks in Brussels on Tuesday, led by British Prime Minister Theresa May's chief lawyer, Geoffrey Cox, failed to find common ground, with barely over three weeks to go before Britain's scheduled departure on March 29. "A disorderly exit would economies the costs for the European people".

The picture could further deteriorate under a disorderly Brexit scenario as the OECD expects that the UK's plan to revert to World Trade Organization terms of trade with the European Union would reduce output by 2% over the next two years. Growth for China, which is facing an economic slowdown, was revised down slightly to 6.2 per cent from 6.3 per cent for this year and steady at six percent for 2020. "A sharper slowdown in any of the major regions could derail activity worldwide, especially if it spills over to the financial markets".

But the OECD warned that "a sharper slowdown in China would hit growth and trade prospects around the world".

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