OECD warns of ‘floundering’ global economy

Global economic growth will flounder this year and next at rates not seen since the financial crisis as the march of globalisation grinds to a halt, international economic think-tank the OECD warned yesterday.

Long a motor for the global economy, trade growth is set to lag growth in the broader world economy this year, the Organisation for Economic Co-operation and Development said in an update of its main economic forecasts.

“This is well below past norms and implies that globalisation, as measured by trade intensity, may have stalled,” the Paris-based body said.