Even though the global economy continues to grow and there are some positive aspects to highlight, such as an adequate and responsible monetary policy stance in the major central banks, the international economic landscape looks very complex.
The clouds gathered over the global economy are not dissipating. Every time we updated our growth projections over the past year, the data were down. We now estimate that, after 2.9% in 2019, the world economy should grow at a similar rate during 2020 and 2021.
Thank you for your invitation to the fourth 1 + 6 Roundtable Meeting. Next year marks the 25th anniversary of OECD-China co-operation, and five years since your historic visit to our Headquarters in Paris, where we signed our first Joint Work Programme (JWP).
It is a pleasure to be in Bogota to present the fourth OECD Economic Survey of Colombia. This is a special edition. It is the first since Colombia was invited to join the OECD in May last year. The accession process will soon be completed, and the OECD will then prepare an Economic Survey of Colombia every two years.
2019 IMF and World Bank Annual Meetings - Written Statement to the IMFC
According to our latest outlook, global growth will be 2.9% this year and barely 3% in 2020, the slowest projected growth rates since the financial crisis. In May, our forecasts were 0.3-0.4% higher. Among the G20, the economic outlook has been deteriorating fast for almost all economies in the group, both advanced and emerging.
Clouds have been gathering over the global economy and the horizon is only getting darker. In our latest Interim Economic Outlook, we revised down our forecasts for nearly all major economies and now project global growth to be at 2.9% this year and barely reach 3% in 2020. These would be the weakest growth rates since the global financial crisis.
The world economy has been weakening and, like other international organisations, we have revised downwards this year's macroeconomic forecasts. For 2019, the OECD expects global GDP growth of just 2.9%, six-tenths of a percentage point lower than in 2018 (3.5%).
We are living in an age of pessimism, and there is plenty to be pessimistic about. But yesterday’s discussions showed that you can be optimistic and a realistic too. Although, as I always say, it is even better to be activistic. And that’s why we have gathered here these two days!
Over the past years, favourable external conditions and good macroeconomic policies helped Iceland to nurture high growth, low unemployment, low inflation, and sustainable public finances. Living standards are among the highest in the OECD.