Amid the trade war, OECD has lowered its global economic growth projections – National [Video]

The current trade war sparked by U.S. President Donald Trump’s tariff policies is expected by many experts to have wide-ranging impacts across the world, including on economic growth and labour markets, and a new report has been released that further highlights this warning.

The Organization for Economic Co-operation and Development’s latest outlook report outlines its dim forecast for global economies as well as key areas to help revive growth.

The group of 38 countries changed its outlook to reflect a worse-than-expected path for global economies compared with a previously released report.

“In this challenging and uncertain environment, we have downgraded our growth projections,” the report says. “Weakened economic prospects will be felt around the world, with almost no exception. Lower growth and less trade will hit incomes and slow job growth.”

The OECD now says economic growth is expected to decline from 3.3 per cent in 2024 to 2.9 per cent this year and in 2026.

In its last report …