OECD trims growth outlook

The global economic outlook has grown darker than it was only a few months ago, but the US is doing well enough that its central bank should go ahead with its first rate increase since the financial crisis, the OECD yesterday said.

The world economy is set to grow 3% this year and 3.6% next year, said the Paris-based Organisation for Economic Cooperation and Development in an update of its forecasts for major economies.

It trimmed its estimates from 3.1% and 3.8% in June, citing primarily a slowdown in emerging market economies like China and Brazil.