Global economic growth has peaked and is now slowing as the world faces risks from rising trade tensions and tightening financial conditions, the Organization for Economic Co-operation and Development said Wednesday, as it trimmed the global growth projection for next year.
The Paris-based think tank cut its global growth projection for next year to 3.5 percent from 3.7 percent predicted in May, in its latest Economic Outlook report.
The global economy is forecast to expand 3.5 percent in 2020. The outlook for this year was left unchanged at 3.7 percent.
"There are few indications at present that the slowdown will be more severe than projected," OECD Chief Economist Laurence Boone said.
"But the risks are high enough to raise the alarm and prepare for any storms ahead. Cooperation on fiscal policy at the global and euro level will be needed."
The OECD report also warned that "a much sharper slowdown in Chinese growth would damage global growth significantly, particularly if it were to hit financial market confidence."
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