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By Trend

The global economic growth estimate remains at 3.6 percent for 2018 and is forecast to grow by 3.2 percent in 2019, unchanged from the previous month’s assessment, OPEC said in its Monthly Oil Market Report (MOMR), Trend reports.

“Improving growth trends in some economies point at some stabilisation on a global level, but downside risks still prevail. In the OECD (Organization for Economic Co-operation and Development) economies, US growth is revised up by 0.2 percentage points (pp) to 2.6 percent for 2019, compared to 2.9 percent for 2018. GDP growth in Japan is revised lower by 0.2 pp from 0.6 percent to 0.4 percent for 2019, following growth of 0.8 percent in 2018,” said the cartel.

The report shows that euro-zone 2018 growth remains unchanged at 1.2 percent for 2019, down from 1.8 percent for 2018.

“In the non-OECD economies, China’s 2019 growth forecast is now revised up by 0.1 pp, to stand at 6.2 percent, after reaching 6.6 percent in 2018. India’s 2019 growth forecast remains at 7.1 percent, following 7.3 percent in 2018. Growth in Brazil is revised lower to 1.7 percent from 1.8 percent for 2019, after seeing 1.1 percent in 2018, while Russia’s 2019 GDP growth forecast is unchanged at 1.6 percent, following growth of 2.3 percent for 2018,” said OPEC.

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