Trade war could derail global economic recovery, warns OECD

Thinktank upgrades its growth forecast but says tit-for-tat tariffs would make international trade vulnerable

The west’s leading economic thinktank has warned Donald Trump that a trade war prompted by US protectionism threatens to derail a recovery in global growth, which has reached its highest level in seven years.

In its latest interim forecasts, the Paris-based Organisation for Economic Co-operation and Development said it expected the world economy to expand by 3.9% in both 2018 and 2019 – a 0.3 percentage point upgrade in each year from its last set of predictions last November.

The OECD said investment, trade and employment were all playing a part in a broad-based expansion that has prompted growth upgrades for six of the seven G7 countries.

US tax cuts, announced by Trump since the OECD’s November forecasts, were one reason why the growth outlook was stronger than it was four months ago, the thinktank said.

“Growth is steady or improving in most G20 countries and the expansion is continuing,” said OECD acting chief economist Alvaro Pereira.

Pereira added that Trump’s recently announced tariffs – 25% on imported steel and 10% on imported aluminium – had left the global economy vulnerable to a tit-for-tat trade war.

“This could obviously threaten the recovery. Certainly we believe this is a significant risk, so we hope that it doesn’t materialise because it would be fairly damaging,” Pereira said.

Panorama Hispano is the regional news and information newspaper for Hispanic and other diverse communities.

US Hispanics are now the largest ethnic minority in the United States numbering 54.2 million as of July 2014. Serving: Buffalo, Rochester, Fredonia, Niagara Falls, NY and Erie, PA. Outside our Market area: Visit our affiliate at: http://www.impremedia.com/

Contact us: Contact@PanoramaHispanoNews.com

Featured News

Apr 20, 2021
DHS watchdog declined to pursue investigations into Secret Service during Trump administration, documents show

By: Carol D. Leonnig - Washington Post The chief federal watchdog for the Secret Service blocked investigations proposed by career staff last year to scrutinize the agency’s handling of the George Floyd protests in Lafayette Square and the spread of the coronavirusin its ranks, according to documents and people with knowledge of his decisions. Both matters involved […]

Read More
Apr 20, 2021
Alerta por el alto número de hipotecas en moratoria

Expertos llaman a clientes, bancos y gobierno a tomar acción para que no surja una avalancha de ejecuciones (San Juan, PR ) Como muchas familias en Puerto Rico, doña Ana (nombre ficticio) vive bajo la tortura de una amenaza de desalojo que le roba el sueño y la tranquilidad. En su caso, se añade la preocupación […]

Read More
Apr 20, 2021
Presidente del Senado pide cierre total en la isla ante aumento de casos de COVID-19

El líder legislativo dijo que ya “estamos tarde para hacerlo” El presidente del Senado, José Luis Dalmau, pidió esta mañana un cierre total de la isla por dos semanas ante el acelerado alza de casos de COVID-19. En entrevista radial, el líder legislativo sostuvo que “estamos tarde para hacerlo”, refiriéndose a un ‘lockdown’. “Yo creo […]

Read More

popular categories

Copyright © 2021 Panorama Hispano News. All Rights Reserved.
crossmenuchevron-downmenu-circlecross-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram