The world economy is expected to grow 2.7 percent this year, before accelerating to a 3.6 percent rate in 2014, the Organization for Economic Cooperation and Development (OECD) said Tuesday (local time).
“The recovery is real, but at a slow speed, and there may be turbulence on the horizon,” OECD Secretary-General Angel Gurría said.
According to the OECD’s latest Economic Outlook, growth in the United States is projected at a 2.9 percent rate in 2014 and Japan’s gross domestic product (GDP) is expected to drop to a 1.5 percent growth rate in 2014.
The euro zone is expected to witness a gradual recovery, with growth of 1 percent in 2014.
As to emerging economies, the OECD said, growth has begun picking up in China but will remain weaker than previously projected in most other major emerging economies.
A group of emerging OECD member countries – South Korea, Chile, Turkey, Mexico and Israel – will continue out-pacing growth in other advanced economies, it said.