OECD predicts fastest global growth in six years

Toronto vs. Vancouver: why a GTA foreign-buyer tax may have the bigger impact

The world economy is projected to grow 3.5 percent this year, the Paris-based think tank said in its semi-annual Global Economic Outlook report.

The OECD's prediction assumes the economy will grow by 2.9 per cent in 2018 due to recovery in mining investment, new LNG production, and growing investment in non-mining sectors.

"Elsewhere, in its forecast, the OECD noted that its previous United Kingdom growth forecasts of 1.6% in 2017 and 1% in 2018 remain unchanged, adding that: "[British] Households are expected to continue to support their consumption by further reducing their saving rate.

Russian Federation will also turn the corner reaching 1.5 per cent growth in 2017 and 2 per cent in 2018.

OECD chief economist Catherine Mann said, however, that "policymakers can not be complacent".

"Economic activity slowed in 2016 against the backdrop of a failed putsch in July and increased geopolitical tensions in the region", the organization said in its economic outlook for June 2017.

Australian commodities linked to the Chinese economy remain an important source of income and growth, but also bring "uncertainty and risk".

"Households are expected to continue to support their consumption by further reducing their saving rate".

Over Seoul's decision to deploy a US -led missile system, the Beijing government's retaliatory measures against Korean-made consumer goods and a ban on tour groups may drag down the country's GDP growth by 0.2 percentage point, as China accounts for a quarter of South Korean exports, it added.

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Those measures include purchases of government bonds that run at EUR60 billion a month, and a negative deposit rate, which means banks pay to hold funds at the central bank. He has a deep understanding of market fundamentals and the impact of global events on capital markets. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.

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