Global Economy to End Decade on a Low Note

According to the OECD’s latest Economic Outlook, the global economy will grow only 2.9 percent this year, the lowest rate of growth since 2009. Despite started off on a positive note, with more than 5 percent growth in 2010 in the aftermath of the financial crisis, it’s been a decade of meager growth for the world economy.

Inhibited by political uncertainties, trade tensions and lackluster demand in some major economies global GDP growth hovered between 3 and 4 percent for most the decade before (expectedly) dropping below 3 percent for the first time this year.

The OECD remains cautious in its outlook for the coming years as well, expecting 2.9 percent growth for 2020 and a minimal improvement to 3.0 percent for 2021.