The Organisation for Economic Co-operation and Development said the global economy is set to grow more than previously projected in 2017 as the targeted public spending initiatives could catalyse activity and help to get the overall economy out of the low-growth trap.
The agency lifted the global growth projection for 2017 to 3.3 percent from 3.2 percent. For 2018, the Paris-based think tank forecast 3.6 percent growth.
"The global economy has the prospect of modestly higher growth, after five years of disappointingly weak outcomes," OECD Secretary-General Angel Gurría said while launching the Global Economic Outlook.
The 35-country OECD area was projected to grow by 2 percent in 2017 and 2.3 percent in 2018, according to the Outlook.
Among the major advanced economies, activity was expected to accelerate in the United States, due to an assumed easing of fiscal policy. The economy was projected to grow by 2.3 percent in 2017 and 3 percent in 2018.
The euro area was expected to expand 1.6 percent in 2017 and by 1.7 percent in 2018. In Japan, growth was projected at 1 percent in 2017 and 0.8 percent in 2018.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.