The Organisation for Economic Co-operation and Development has revised its global growth forecast downwards but says that the Fed should raise interest rates now. The Paris-based group says that it believes the global economy will grow 3 per cent this year, down from its 3.1 per cent outlook in June. For 2016 it expects 3.6 per cent growth, down from 3.8 per cent previously predicted. It expects the US economy to grow 2.4 per cent this year, up from its 2.0 June forecast although for next year it says growth will be 2.6 per cent rather than the 2.8 per cent it forecast earlier. Chief economist Catherine Mann told Reuters that increasing US interest rates now would remove uncertainty for the markets and noted that the US economy looks strong enough for the Fed to make a move now.
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