OECD expects global economy to grow 3.8 pct in 2018

By Tuba Sahin

ANKARA

The global economy is projected to grow 3.8 percent this year and 3.9 percent in 2019, the Organization for Economic Cooperation and Development (OECD) said on Wednesday.

But in its Economic Outlook, the OECD warned of significant risks posed by trade tensions, financial market vulnerabilities, and rising oil prices.

The OECD forecasted Turkey's economy would grow 5.1 percent in 2018 and 5 percent next year.

"Following a strong recovery in 2017 and turbulence in spring 2018, economic growth is set to slow but to stay around 5 percent in 2018 and 2019," it said.

Turkey's economy expanded beyond forecasts last year (7.4 percent), according to the Turkish Statistical Institute (TurkStat).

The Turkish economy grew 5.2 percent in 2014, 6.1 percent in 2015, and 3.2 percent in 2016.

As noted in the country's medium-term economic program announced last September, the government is targeting growth of 5.5 percent this year as well as through 2020.