Potential trade war threatens global economic growth, OECD warns

Potential trade war threatens global economic growth, OECD warns

Trade tensions are threatening the best global economic growth outlook in seven years, the OECD said on Tuesday, adding that four US rate rises are likely this year as tax cuts stoke the world's biggest economy while Brexit will drag on Britain.

"Stronger investment, the rebound in global trade and higher employment are helping to make the recovery increasingly broad-based".

"Growth is steady or improving in most G20 countries and the expansion is continuing", the group said.

However, it warned that the recovery risked being undermined by an escalation in trade barriers that would hurt growth and jobs.

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".

China and Japan were forecast to achieve yearly growth rates of 6.7 percent and 1.5 percent, respectively, this year.

The US economy, by contrast, is seen expanding by 2.9 per cent this year and 2.8 per cent next, helped by the simulative effect of tax cuts.

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Britain is set to miss out on buoyant global economic growth over the next two years, according to new forecasts by the Organisation for Economic Co-Operation and Development (OECD).

This is up from a forecast last November of 3.7% in 2018 and 3.6% in 2019.

In its quarterly report, the Paris-based research body said it expects growth to ease off in some of those economies this year, but not by as.

The OECD said high inflation would eat into United Kingdom household income while business investment would slow in the face of uncertainty over Britain's future relationship with the EU.

In its interim economic outlook report issued Tuesday, the organization forecast global economic growth for this year at 3.9 percent, up from its previous suggestion of 3.7 percent.

"Safeguarding the rules-based global trading system is essential to prevent the longer-term harm to growth prospects that could arise from a retreat from open markets", it said.

"I think it is very important to avoid escalation and to initiate a strengthening in the global dialogue to solve not only the problem for steel but to avoid bigger repercussions in terms of trade".

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