The Organization of Economic Cooperation and Development is raising its forecast for global economic growth this year on the back of expectations that interest rates will remain low in many leading economies. The OECD, a group of the world’s richest countries that acts like a think tank, says that easy and cheap monetary policy in many parts of the world, including Europe, has helped underpin growth. The organization now expects 4% growth this year, up 0.1 percentage points from its last such forecast in November. Insisting that monetary policy alone isn’t enough to ensure a return to strong growth; it urged European leaders to stabilize budget rules and other regulations. It forecast 3.1% GDP growth for the United States this year, 7% for China, and 2.6% for Britain.
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