The Organisation for Economic Co-operation and Development on Wednesday slashed its economic outlook for the global economy, citing subdued investment amid doubts over the prospects for stronger growth. It also downgraded expectations for GDP growth in Japan.
The OECD now expects the world economy to grow 3.1 percent this year, down from a 4.0 percent expansion forecast in March and projects the economy to grow 3.8 percent in 2016, compared with an earlier estimated 4.3 percent rise.
"Global growth is projected to strengthen in the course of 2015 and 2016, but will remain modest" relative to the period before the 2008 global financial crisis, the OECD said in its economic outlook report.