Source: Axios
“The Organisation for Economic Co-operation and Development slashed its U.S. growth forecasts Tuesday and took global expectations down as well, citing the pervasive impacts of tariffs. ‘Substantial increases in trade barriers, tighter financial conditions, weakened business and consumer confidence, and elevated policy uncertainty all pose significant risks to growth,’ the OECD’s report said. ‘If these trends continue, they could substantially dampen economic prospects.’ By the numbers: The group lowered its global GDP growth forecast to 2.9% for 2025 from the 3.1% it projected in March, and to 2.9% from 3% for 2026. For the U.S., it now forecasts growth of 1.6% this year and 1.5% next year, from 2.2% and 1.6% previously.” (06/03/25)