OECD thinks eurozone will grow as much as US this year

AP News
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Posted: Sep 20, 2017 6:23 AM

PARIS (AP) — The Organisation for Economic Co-operation and Development has upgraded its economic growth forecasts for the 19-country eurozone following a run of upbeat news.

In a forecast update, the OECD thinks that the eurozone will grow by 2.1 percent this year, 0.3 percentage point more than its previous prediction in June. That means the OECD is expecting eurozone growth this year to match the U.S. rate, which it left unchanged.

And next year, it's forecasting growth of 1.9 percent for the eurozone, 0.1 percentage point more than previously thought, but below its 2.4 percent projection for the U.S. The big three eurozone economies — Germany, France and Italy — all saw upward revisions.

Overall, the OECD is sticking with its global growth forecast of 3.5 percent for this year.