Global economy stuck in low growth trap, says OECD

Tokyo

THE global economy is stuck in a "low growth trap" with no single, simple or speedy means of escape at hand, the Organisation for Economic Co-operation and Development (OECD) said on Wednesday in its latest biannual Economic Outlook publication.

The report cited a strongly China-linked slowdown in trade as a major cause of weak economic growth, in Asia especially, but also blamed low levels of investment and declining productivity in many parts of the world for the anaemic state of the global economy.

"Eight years after the (global) financial crisis, recovery remains disappointingly weak," the Paris-based OECD said. "Global GDP growth is projected to be 3 per cent in 2016, unchanged fr…