WASHINGTON – A Paris-based international group is forecasting that the U.S. economic expansion, celebrating its seventh birthday this month, should remain on track over the next two years with growth strengthening in 2017.
The 34-nation Organization for Economic Cooperation and Development is projecting that U.S. growth, as measured by the gross domestic product, will slow this year to 1.8 percent but accelerate slightly in 2017 to 2.2 percent.
The OECD puts the risks of a U.S. recession as a "low-probability prospect" but it does point to a number of long-term challenges facing the country. It recommends well-designed investments in innovation, infrastructure and improving job skills as a way to combat a prolonged period of weak growth in worker productivity.
The OECD annual report on the United States was released Thursday in Washington.