NZ's 'solid' economic growth seen continuing, OECD says

The OECD recommends to the Belgian authorities to increase public investment, which it said has been low for decades, to boost productivity growth.

For the United Kingdom economic growth is to remain modest at 1.4% in 2018 and 1.3% in 2019 due to "high uncertainties about the outcome of Brexit negotiations".

This GDP growth prediction is slightly higher than that of the International Monetary Fund (IMF) at 3.4 percent and the Chilean government at 3.5 percent.

The favourable financial conditions and the European Union structural funds will underpin business and public infrastructure investment, the report says.

Business investment will be bolstered by the need to augment production capacity and maintain competitiveness through higher productivity, while exports will be buoyed by faster trading partner growth.

Its Economic Outlook report projected the world economy would grow 3.8 percent this year and 3.9 percent in 2019, up from an initial forecast of 3.7 percent and 3.6 percent respectively, reaching the long-term average prior to the economic crisis.

Government consumption is projected to grow by 2.3% this year and by 1.4% in 2019, reflecting the relaxation of previous austerity measures. The survey unemployment rate is expected to drop from last year's 6.6% to 5.3% this year, and further to 4.8% in 2019.

In regard to the country's monetary policy, the OECD said that, with consumer price inflation running below 2 percent, monetary policy accommodation can be withdrawn gradually.

The organisation believes that continued strong growth in Slovenia depends on structural reforms, including more intense privatisation efforts, and boosting the low activity rate of older workers through additional pension reform.

The OECD said budgetary easing had taken over from central bank stimulus as the main motor of global growth with three-fourths of its member countries now estimated to be loosening purse-strings, led by massive USA tax cuts.

Below is an overview of the latest forecasts.

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