GLOBAL economic growth will slacken, including in China and the United States, so says Paris-based Organisation for Economic Cooperation and Development or OECD (rich nations’ club), IMF (world’s banker), BIS (central banks’ banker) and ADB (Asia’s lender).
Also, many large emerging market economies (EMEs) have hit a weak patch, with growth in South Africa, Russia and Brazil contracting in the second quarter – indeed, Russia and Brazil are already in recession. Growth in both China and India slowed in the second quarter, each growing at an annual rate of about 7%.