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In its report, the OECD writes that global economic growth is expected to pick up modestly next year to around 3.6 % from a projected 3.3% in 2017 but risks of rising protectionism, financial vulnerabilities, potential volatility from divergent interest rate paths and disconnects between market valuations and real activity hang over the outlook.

OECD general secretary Angle Gurría said: "Growth is still to weak and its benefits too narrowly focused to make a real difference to those who have been hit hard by the crisis and who are being left behind".

"Exiting the low-growth trap depends on the joint impact of macroeconomic, structural and trade policy choices, as well as on concerted and effective implementation of existing initiatives". In general, OECD expects improvement in world trade, especially in Asia, but believes that the growth will happen at a slower pace than that recorded before the 2008-2009 worldwide financial crisis.

The OECD pegged its global growth forecast at 3%, a figure that it sees accelerating to 3.6% in 2018, thanks in part to stronger performances from India and a rebound in Brazil.

In its previous report issued in November, the OECD estimated Canada's economic growth for 2016 would be 1.2 per cent, but that was upgraded Tuesday to 1.4 per cent, in line with what Statistics Canada reported last week.

Moreover, "financial vulnerabilities and policy risks could derail the modest [global economic] recovery", writes the OECD Chief Economist Catherine Mann. In addition, the rapid growth of private sector credit and the relatively high-level of indebtedness is a key risk in a number of emerging markets, above all in China, and housing valuations are a matter of concern in some advanced economies.

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The Economic Outlook report projected the US economy to grow by one percentage point to 2.4 percent this year on strong domestic demand.

"UK growth is expected to ease further as rising inflation weighs on real incomes and consumption, and business investment weakens amidst uncertainty about the United Kingdom's future trading relations with its partners".

For 2017, the growth forecast for the single-currency block is unchanged at 1.6 percent and slightly down in 2018.

That said, the OECD thinks solid domestic demand - supported by a robust labor market and improving wages - will buttress healthy fiscal expansion from President Donald Trump's new administration.

Higher commodity prices and easing inflation are supporting a recovery from deep recessions in Brazil and Russian Federation.