OECD lowers growth forecast for eurozone and UK this year

Eurozone growth is expected to be 0.8 percent this year, and the UK 0.7 percent. In December, forecasts were for both at 1.2 percent.

South Korea and Brazil also have lowered expectations, while forecasts for Japan and China this year are unchanged at 0.9 and 4.4 percent, respectively.

However, things look a little brighter for the US and Russia, with expected growth of 2.0 percent and 0.6 percent, respectively.

Global growth is expected to reach 2.9 percent this year, unchanged from December. For 2027, this forecast has been adjusted down to 3.0 percent, compared to the previous 3.1 percent.

Last year, global growth was 3.3 percent.