OECD sees synchronised momentum for global economy
The pace of expansion is projected to be faster this year than in 2016, with a further uptick expected in 2018, but strong, sustainable, and inclusive medium-term growth is not yet secured.
The Outlook points out that the recovery of business investment and trade remain too low to sustain healthy productivity growth, while wage growth has been disappointing on average, and not equitable across workers.
Emerging markets are key for overall global growth - strong future growth depends on deeper reforms.
"The short-term outlook is more broad-based and the upturn is promising, but there is no room for complacency," said OECD Chief Economist Catherine L. Mann.
"Monetary policy should remain accommodative in some economies but with an eye on financial stability so as to remain supportive of further rebalancing towards fiscal and structural initiatives.
"Structural efforts need to be intensified to bolster the nascent investment recovery, to address slow productivity growth and to ensure the recovery yields benefits for all." ■