MORE WORLD NEWS
News from the region's first prime-time newscast. You'll find it First On Fox!
OECD says global economy will grow more slowly than expected after cutting US, China forecasts
Reported by: Associated Press
Reported: Tuesday, May 6, 2014 5:00 AM EDT
A leading international organization is warning that the global economy will grow by less than expected this year after it cut forecasts for the United States and China.
The OECD, a think tank for the world's most developed countries, blamed slower growth in large developing economies like China for the downgrade.
It cut China's growth forecast this year to 7.4 percent from 8.2 percent in November. Meanwhile, the U.S. economy is forecast to grow 2.6 percent this year against last November's 2.9 percent estimate.