Bold action is needed to address both the high levels of uncertainty facing businesses as well as the fundamental changes taking place in the global economy, writes the OECD.
Policy-making must lead the transition to cleaner energy and to an increasingly digital world. Governments must work together urgently to boost investment and establish fair international rules on taxation and trade.Two years of escalating conflict over tariffs, principally between the US and China, has hit trade, is undermining business investment and is putting jobs at risk.
Although household spending has been holding up, signs of it weakening are emerging. Car sales have declined sharply over the past year.While the fragility of the world economy can be blamed in large part on deliberate policy decisions, it also reflects deeper, structural changes, says the Outlook.
Digitalisation is transforming business models while climate and demographic changes are already disrupting existing patterns of activity. China, meanwhile, is rebalancing away from a reliance on exports and manufacturing towards consumption and services..
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