OECD cuts economic global forecast by 0.6%

The OECD has cut its global economic growth forecast for this year but says it expects lower oil prices to ensure a gradual recovery, even if weak investment remains a worry.

Growth is also being buoyed by ultra-supportive central bank policy in the big developed economies and in many places outside the US by a stronger dollar, which makes the exports of other currency zones relatively cheaper.

The Paris-based Organisation for Economic Co-operation and Development (OECD), a think-tank funded by its membership of primarily wealthy countries, cut its 2015 growth forecast to 3.1% from the 3.7% it was forecasting last November.