Latest news with #EconomicOutlook2025
Hans India
a day ago
- Business
- Hans India
Trump's tariff surge to drag US growth to 1.6% in 2025, global growth down to 2.9%: OECD
Amid escalating trade tensions under President Donald Trump's administration, the Organisation for Economic Co-operation and Development (OECD) has warned of a sharp slowdown in the US and global economies. According to the OECD's latest Economic Outlook 2025, US GDP growth is projected to decelerate to 1.6% in 2025 — down from 2.8% in 2024 — and is expected to slip further to 1.5% in 2026. The key factor: Trump's aggressive tariff policies. Since returning to the White House, he has raised average US tariff rates from 2.5% to 15.4%, the highest since 1938. The new measures include a 10% blanket tariff on imports and specific 25% tariffs on steel, aluminum, and auto parts — with plans to double steel and aluminum tariffs to 50%. 'These hikes will drive up domestic prices,' the OECD noted. About 10% of the US consumer basket consists of imports, excluding food and energy. The report adds that the burden of these price increases will largely fall on American consumers and businesses. OECD Chief Economist Álvaro Pereira cautioned that further tariffs could stifle global economic growth and fuel inflation. The global economy is forecast to grow at just 2.9% in both 2025 and 2026 — down from 3.3% in 2024 and 3.4% in 2023. China is also projected to slow down, with GDP expected to fall from 5% in 2024 to 4.3% by 2026. In response, Beijing has announced policy measures such as rate cuts and industrial funding. In contrast, India remains resilient. The OECD forecasts India's growth to rise slightly to 6.3% in 2025 and 6.4% in 2026, up from 6.2% in 2024, making it a standout in a sluggish global landscape.
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Business Standard
2 days ago
- Business
- Business Standard
Trump tariffs to shrink US economic growth to 1.6%, global to 2.9%: OECD
Amid rising trade tensions triggered by Donald Trump's tariff hikes, the Organisation for Economic Co-operation and Development (OECD) on Tuesday projected that US economic growth will slow to 1.6 per cent in 2025 — down from 2.8 per cent the previous year. The Paris-headquartered organisation also indicated that the growth will further worsen to 1.5 per cent in 2026. The slowdown can be attributed to increased tariff rates, OECD said in its ' Economic Outlook 2025 '. The report highlights that Trump's policies have raised average US tariff rates from around 2.5 per cent when he returned to the White House to 15.4 per cent, highest since 1938. Trump has imposed 10 per cent tariffs on imports from almost every country, and additional 25 per cent on steel, aluminum and auto products. Last week, he also said that he would double the tariff on steel and aluminium imports to 50 per cent to protect the domestic industry. 'Domestic price increases are likely to follow higher tariffs, although the exact magnitude is subject to some uncertainty. Around 10 per cent of the consumer basket in the United States is imported, directly and indirectly, before taking into account food and energy. It is likely that most of the impact of tariff increases will be borne by consumers and businesses,' the OECD noted. Global economic slowdown The risk of economic slowdown isn't only looming over the US, but will also have an impact on the world economy. The OECD projected that the world economic growth will drop to 2.9 per cent in 2025 and 2026. This marks a significant decline from growth of 3.3 per cent last year and 3.4 per cent in 2023. Similarly, China, the world's second-largest economy, is projected to see its growth slow from 5 per cent in 2024 to 4.7 per cent in 2025 and further to 4.3 per cent in 2026. To cushion the impact, the Chinese government has announced a series of support measures, including interest rate cuts, increased bank lending, and new funding for initiatives such as industrial upgrades, reported Associated Press. However, amid a global slowdown, the OECD projected steady growth for India, forecasting a 6.3 per cent expansion in 2025, up from 6.2 per cent in 2024. Growth is expected to inch further up to 6.4 per cent in 2026, the report mentioned.
Sky News AU
22-05-2025
- Business
- Sky News AU
Prime Minister Anthony Albanese to deliver keynote address at Sky News event as cost-of-living crisis dominates Australian economic agenda
Following his historic re-election that secured Labor a record number of seats, the Prime Minister of Australia, The Hon Anthony Albanese MP, will deliver the keynote address at the fourth annual Australia's Economic Outlook. Presented by Sky News and The Australian, the highly sought-after business luncheon will be held on Friday 4 July 2025 at Crown Sydney. The Prime Minister will outline his immediate priorities and long-term economic strategies to ensure a thriving future for the nation. He will then join Sky News Political Editor Andrew Clennell for a wide-ranging discussion to unpack the most topical business and economic issues, including the impact of the Federal Government's cost-of-living relief measures, and how its renewable energy transition plans will fare on business and households, international trade tariffs and more. Secure your tickets to Australia's Economic Outlook event, to be held on July 4 at Crown Sydney, here. On Friday 4 July at 12.30pm AEST, Sky News and The Australian present the fourth annual Australia's Economic Outlook business luncheon featuring special guest The Hon Anthony Albanese MP, Prime Minister of Australia. Keynote speech by Prime Minister Anthony Albanese Following the Labor Government's recent re-election and entering his second term as Australia's Prime Minister, Anthony Albanese will deliver a keynote address sharing his government's plan for Australia's future prosperity. This is the third time that Prime Minister Anthony Albanese takes to the stage at Sky News Australia's flagship annual economic outlook event. Anthony Albanese was sworn in as Australia's 31st Prime Minister on 23 May 2022. He previously served as Deputy Prime Minister and Leader of the House of Representatives. As Infrastructure Minister and Communications Minister, he delivered nation-building projects, connecting the country through thousands of kilometres of roads and rail, and rolling out the high-speed fibre National Broadband Network. Anthony was first elected to the Australian Parliament as the member for the Sydney seat of Grayndler in 1996. In 2019, he was unanimously elected as the Leader of the Australian Labor Party. He will then join Sky News Political Editor Andrew Clennell for a wide-ranging discussion on the country's economic prospects and legislative agenda. The event will include some of the biggest names in business as they discuss current and future economic trends and the challenges and pathways to maintain and grow our nation's fiscal health. Secure your tickets to Australia's Economic Outlook event, to be held on July 4 at Crown Sydney, here. Meet your hosts Australia's Economic Outlook will feature a line-up of political and business experts, including Sky News Political Editor Andrew Clennell, Sky News Business Editor Ross Greenwood, Associate editor of The Australian Eric Johnson, and host of Sky News' AM Agenda Laura Jayes. More information about Australia's Economic Outlook 2025 Following his historic re-election that secured Labor a record number of seats, the Prime Minister of Australia, The Hon Anthony Albanese MP, will deliver the keynote address at the fourth annual Australia's Economic Outlook. Presented by Sky News and The Australian, the highly sought-after business luncheon will be held on Friday 4 July 2025 at Crown Sydney. The Prime Minister will outline his immediate priorities and long-term economic strategies to ensure a thriving future for the nation. He will then join Sky News Political Editor Andrew Clennell for a wide-ranging discussion to unpack the most topical business and economic issues, including the impact of the Federal Government's cost-of-living relief measures, and how its renewable energy transition plans will fare on business and households, international trade tariffs and more. Paul Whittaker, Chief Executive Officer of Sky News Australia said: 'Following the Albanese Government's resounding second term win, we are honoured to welcome back Prime Minister Anthony Albanese to the Australia's Economic Outlook event. 'Much was promised during the election campaign, from tax cuts for all Australians, to an $8.5 billion boost to Medicare, and a doubling down on the transition to renewable energy. While the recent RBA announcement of the year's second interest rate cut, reducing the official cash rate to its lowest level in two years, is welcome relief for homeowners amid easing inflation, Australia's economic growth continues to be sluggish, as the national debt soars to record levels. The crucial Australia's Economic Outlook will bring together business and political decision-makers to discuss these challenges and determine whether the outlook points to decades of deficits, or if the government's economic vision will lead to greater prosperity.' Secure your tickets to Australia's Economic Outlook event, to be held on July 4 at Crown Sydney, here. Michelle Gunn, Editor-in-Chief of The Australian added: 'With the Prime Minister outlining his government's agenda following a historic election win, this year's event promises to be one of the most compelling yet. 'The Australian is proud to partner with Sky News to provide an unmissable platform for meaningful debate at a pivotal moment for the country's economy.' The event will be hosted by leading political journalist and Sky News' AM Agenda anchor Laura Jayes, and feature business and political panels steered by The Australian's Associate Editor Eric Johnston and Sky News Business Editor Ross Greenwood. Further details regarding the line-up of speakers, including business experts and political leaders, joining the discussion panels will be announced in the coming weeks. With thanks to our sponsors Australia's Economic Outlook is presented by Crown and Uber, and supported by TechnologyOne. Presenting partners Supported by Catch up on last year's Australian Economic Outlook event Sky News hosts the Hon Anthony Albanese, Deputy Governor of the RBA, Andrew Hauser and leaders from Australian business for the 2024 Australia's Economic Outlook event at the Crown Sydney. 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