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Presenting the Interim Economic Assessment in Paris, OECD Deputy Secretary-General and Acting Chief Economist Rintaro Tamaki said: “The gradual recovery in the advanced economies is encouraging, even if temporary factors have pushed down growth rates in the early months of this year, while the slowdown in emerging economies is likely to be a drag on global growth.
"With remaining fragilities in the euro area, Japan only just beginning to confront its daunting fiscal challenges and the possibility of a slowdown in China, it is critical that advanced and emerging economies alike recognise the growing importance of structural reforms to reinvigorate growth and boost job creation", Mr Tamaki said.
The UK is projected to grow at annualised rates above 3 per cent in the first and second quarters, but the euro area’s growth rate - while improving - still lags that of other advanced economies.
Wide disparities are still seen in Europe, where the three largest economies (Germany, France and Italy) will grow at a combined weighted average of 1.9 per cent rate in the first quarter and a 1.4 per cent pace in the second. Germany is forecast to grow by about 3.7 per cent annualised in the first quarter and 2.5 per cent in the second quarter, while the French economy’s annualised growth rate will hover around 1 per cent and Italy’s will remain below 1 per cent for each of the first two quarters.