Europe

Global economic growth seen picking up but risks loom

In this Jan. 12, 2017, photo, traders work on the Mizuho Americas trading floor in New York. Stocks are opening lower on Wall Street, Monday, March 6, 2017, led by declines in materials companies and banks. (AP Photo/Mark Lennihan)

In this Jan. 12, 2017, photo, traders work on the Mizuho Americas trading floor in New York. Stocks are opening lower on Wall Street, Monday, March 6, 2017, led by declines in materials companies and banks. (AP Photo/Mark Lennihan)  (The Associated Press)

The Organization for Economic Cooperation and Development is predicting that global economic growth this year will be 3.3 percent and rise to around 3.6 percent in 2018.

However, the international economic agency warned about risks that the "projected modest upturn" could be derailed by a number of factors, including rising protectionism, financial vulnerabilities and uncertainties related to divergent interest rate paths around the world.

In its latest economic outlook, published Tuesday, the Paris-based OECD said the global economy remains beset by sub-par growth and high inequality following the financial crisis.

The organization's secretary-general, Angel Gurria, says governments "need to take actions that restore people's confidence while at the same time resisting turning inwards or rolling back many of the advances that have been achieved through greater international cooperation."