OECD revises global economic growth forecasts

Global growth for 2013 and 2014 has been downgraded 'significantly' after weak prospects in emerging markets, a report of Organisation for Economic Co-operation and Development said.

Global GDP this year is now expected to grow by 2.7%, down from 3.1% forecast in May. But it said global economic growth would speed up by 2015.

However, the OECD said the UK would grow by 1.4% this year, an upgrade from its forecast in May of 0.8%.

It is achingly slow, but what this report points to is a protracted process of economic repair after the damage done by the financial crisis - and remember we are now five years on from its most intense phase.

The language is often downbeat: a "modest acceleration" in growth; unemployment to remain "stubbornly high" in several countries. There is also something between a warning and plea to the United States to steer clear of a "potentially catastrophic crisis" over the government's borrowing limit, after a near miss in October.

BBC