00:00Last edition of the 2025 Economic Outlook, OECD Secretary-General Matthias Korman will present the report.
00:08Our projections point to a moderation of global GDP growth to 3.2% this year and 2.9% next year,
00:16followed by a small rebound to 3.1% in 2027, as I already mentioned.
00:21But compared with our economic outlook from June,
00:24these projections are up by 0.3 percentage points for this year and unchanged for next year.
00:30However, our outlook highlights key fragilities on the horizon.
01:00From elevated trade restrictions to policy uncertainty and concerns about supply chain security,
01:07to rising public spending pressures from increased defense requirements
01:13and the rising economic and fiscal impacts of population aging,
01:17and vulnerabilities associated with high financial asset valuation,
01:22such as for AI-related investments and crypto currencies.
01:27Bring it up, Howard.
01:29This is our great Secretary of Commerce.
01:33So, if you look at that, China, first row, China.
01:39In the United States, growth is expected to slow from 2% this year to 1.7%.
01:59Next year, a higher tariff strike full effect,
02:02while for 2027, we project a small pickup to 1.9%.
02:07China's growth is projected to slow from 5% this year to 4.4% next year,
02:34and 4.3% in 2027 as a result of the impact of higher tariff rights on exports to the United States,
02:41as well as continuing adjustment in the real estate sector and filing fiscal support.
02:48For Japan's economy, we project...
02:55For Japan's economy we project robust growth of 1.3% this year and 0.9% in both
03:222026 and 2027, supported by resilient domestic demand.
03:28In the euro area, growth is projected at 1.3% this year, 1.2% next year and 1.4% in 2027,
03:36as increased stride frictions are expected to be offset by capital spending from the
03:42recovery and resilience facility and higher defence expenditure.
04:09The second advice to all government reminds to work harder, work together bilaterally
04:13and multilaterally to find the best possible ways to make our international trading arrangements
04:19fairer and function better in a way that preserves, to the greatest extent possible, the economic
04:25benefits of open markets and rules by global trade.
04:28Thank you, Secretary General.
04:30I'd just like to remind journalists following us online they can ask questions using the
04:34chat function.
04:35I'll ask Asa and Louise.
04:39Well, I'd love you.
04:40Thanks for being here.
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