S. Korea to maintain 3% growth for 2018-2019: OECD

UK growth to be slowest in G20 this year, says OECD

UK growth to be slowest in G20 this year, says OECD

The March update lifts the forecasts from the 2.8 per cent and 2.7 per cent predicted in November.

The Organisation for Economic Co-operation and Development has lifted its forecasts for global growth from 3.7 and 3.6 per cent to 3.9 per cent in both 2018 and 2019.

USA tax cuts and government spending increases will likely deliver a boost to the global economy this year and next, but that could be offset by an escalation of tensions over trade, the Organization for Economic Cooperation and Development said Tuesday. The figure for next year was also increased from 3.6 percent to 3.9 percent.

And while eurozone growth is expected to ease off from 2.5% a year ago to 2.3% in 2018 and 2.1% in 2019, major continental economies like Germany and France are forecast to out-perform the UK.

"High inflation continues to damp real household income growth and consumer spending, and business investment is slowing, amidst continued uncertainty about the future relationship between the United Kingdom and the European Union", said the OECD.

The OECD's acting chief economist said any trade war resulting from US President Donald Trump's planned import duties on steel and aluminium products, would prove "fairly damaging".

"Governments should avoid escalation and rely on global solutions to resolve excess capacity in the global steel industry". "Safeguarding the rules-based worldwide trading system is key".