The Organization for Economic Co-operation and Development on Wednesday trimmed its growth estimate for the world economy as upturn remains weak and uneven.
The Paris-based OECD in its Economic Outlook, said world real gross domestic product will expand 3.1 percent, instead of 3.4 percent estimated in November. That will be followed by 4 percent expansion in 2014, it said.
The U.S. growth outlook for 2013 was lowered to 1.9 percent from 2 percent. Across OECD countries, GDP is projected to rise by 1.2 percent this year and by 2.3 percent in 2014.
Historically high unemployment remains the most serious challenge facing governments, it observed. The OECD warned governments that urgent action must be taken to reduce unemployment, which has risen to dangerous levels in many countries.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.