New Delhi: The global economy has become increasingly fragile and uncertain with growth slowing and downside risks continuing to mount, according to the OECD.
Economic prospects are weakening for both advanced and emerging economies, and global growth could get stuck at persistently low levels without firm policy action from governments, according to the outlook.
Escalating trade conflicts are taking an increasing toll on confidence and investment, adding to policy uncertainty, aggravating risks in financial markets and endangering already weak growth prospects worldwide.
The OECD projects that the global economy will grow by 2.9% in 2019 and 3% in 2020 -- the weakest annual growth rates since the financial crisis with downside risks continuing to mount.
In India, the growth is likely to be 5.9% in 2019 and 6.3% in 2020 compared to 6.8% in 2018.