It’s slower growth ahead for the global economy, according to the “Interim Economic Outlook” released Wednesday by the OECD. Major risks persist, and European growth is slower than expected. The global economy is expected to grow 3.3% this year and 3.4% in 2020, but those projections are down from the previous report in November, the OECD noted.

Downward revisions are particularly significant in the euro area, especially in Germany and Italy, as well as for the UK, Canada and Turkey.

“The global economy is facing increasingly serious headwinds,” OECD Chief Economist Laurence Boone said. “A sharper slowdown in any of the major regions could derail activity worldwide, especially if it spills over to financial markets. Governments should intensify multilateral dialogue to limit risks and coordinate policy actions to avoid a further downturn.”

OECD notes that vulnerabilities stemming from China and the weakening European economy along with a slowdown in trade and global manufacturing, policy uncertainty, and risks in the financial markets, could undermine sustainable medium-term growth.

Click on chart to enlarge.