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OECD slashes global growth forecast

AUDUSD News by Newsroom on 05:56 June 03, 2015 EST
The OECD has cut its global GDP forecast to 3.1% versus its previous estimate at 3.7% in November.

The Euro area will see a 1.4% growth this year. The economy will be stronger on 2016 with a growth of 2% according to the forecast. Germany will see growth of 1.6 and 2.3% in the two years.

In the UK the organization estimates growth for 2015 will be of 2.4% and 2.3% for the following year.

Meanwhile, earlier this morning, Australia posted a stronger than forecast GDP for the first quarter.
The economy grew by 0.9%.

Aussie rose after the positive GDP data. The stronger Australian GDP report dampens expectations for looser RBA policy.