Trump tariffs forecast to hurt global growth
Summary
Global economic growth is forecast to slow down this year due to tariffs imposed by the U.S. under President Donald Trump. The Organization for Economic Co-operation and Development (OECD) predicts a growth rate of 2.9%, a decrease from its prior 3.1% forecast, and highlights the effects of increased trade barriers and uncertainty on economies worldwide.Key Facts
- The OECD expects worldwide economic growth to slow to 2.9% this year from the previously projected 3.1%.
- The report attributes the slowdown to increased trade barriers, largely due to U.S. tariffs under President Trump.
- The OECD reduced its growth forecast for the U.S. economy from 2.2% to 1.6%.
- The report warns that slower growth will affect economies globally and lead to less job creation.
- The OECD lowered its growth forecast for the UK economy this year from 1.4% to 1.3%.
- The UK faces additional challenges, including government debt and uncertainty in trade relations.
- U.S. official data showed an economic contraction at an annual rate of 0.2% in early 2023, the first since 2022.
- The OECD suggests the UK should raise tax revenues to strengthen its public finances.
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