World economy returns to pre-crisis levels as unemployment drops, OECD reports

OECD Significant growth for Greece over the next 2 years

OECD Significant growth for Greece over the next 2 years

Its Economic Outlook report projected the world economy would grow 3.8 percent this year and 3.9 percent in 2019, up from an initial forecast of 3.7 percent and 3.6 percent respectively, reaching the long-term average prior to the economic crisis.

In terms of investment, the worldwide body said that, after four years of decrease, it will return to growth for 4.5 percent in 2018.

Political uncertainty in Italy as it struggles to form a government sent renewed shock waves through the Eurozone, a bloc that is already dealing with Britain's exit from the European Union and a global economy which is threatened by a trade war.

The overall OECD unemployment rate was seen falling to 5 percent by the end of next year, which would mark the lowest level since 1980 and set the stage for higher growth in workers' wages. However, this outlook does have some implicit risks, which could threaten the outlook altogether.

The OECD notes that Slovenia's fiscal policy is highly expansionary, implying little progress in securing fiscal sustainability, adding that the country's macroeconomic policies fail to address future ageing-related fiscal challenges.

The organization repeated its warning against any "escalation of trade tensions", an apparent reference to US President Donald Trump's decision to impose new tariffs on steel and aluminiim imports.

Italian election won't be referendum on euro: Germany's Scholz
Japan's benchmark Nikkei 225 index was almost flat at 22,445.27 while South Korea's Kospi rose 0.8 percent to 2,480.92. Since the 2008 financial crisis, prices of US stocks have been disrupted by the European debt crises in 2010 and 2011.

Malcolm Turnbull loves to talk about the 400,000 jobs that were created a year ago and Australia's strong economy at every opportunity.

The developments on the labour market have already led to shortages of qualified labour force in certain sectors, but wage growth has remained moderate.

It forecasted, however, that the euro-zone's GDP, which grew by 2.5% last year, would increase by 2.2% this year and 2.1% in 2019.

Outside the euro area, the OECD marginally raised its outlook for Britain to 1.4 per cent growth this year and 1.3 per cent in 2019.

At this stage, economists are forecasting the economy expanded by a solid 0.8 per cent in the quarter to 2.7 per cent annually.

Other data on Wednesday showed private employers maintaining a steady pace of hiring this month and the goods trade deficit falling in April.

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