OECD revises down Japan's 2018 growth estimate to 1.2 percent
Jiji -- May 31
The Organization for Economic Cooperation and Development said Wednesday that it projects Japan's real economic growth at 1.2 pct for 2018, down 0.3 percentage point from the previous estimate in March.

The OECD's latest Economic Outlook report said that the country's gross domestic product shrank in January-March but this was a "temporary correction." Supported by exports, capital spending and private consumption, the Japanese economy is projected to continue to grow 1.2 pct for 2019, according to the report.

The OECD now estimates that the global economy will grow 3.8 pct in 2018, down 0.1 point.

The organization of the world's rich nations also revised down its growth estimate for the euro zone by 0.1 point to 2.2 pct for the current year, citing worries about Britain's exit from the European Union and political turmoil in Italy.

The report pointed to risks to the global and regional economies, including oil price spikes and trade protectionism.

News source: Jiji
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