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US economic growth "is projected to pick up in 2017 and 2018 as headwinds from past exchange rate appreciations abate and support from fiscal policy begins to appear", the OECD said.

The OECD forecasts global economic growth of 3.5% in 2017, which would be the global economy's best performance since 2011, and expects global economic growth to edge up slightly next year to 3.6%.

"The organization's growth forecast for Turkey is 3.4 percent for this year".

The U.S. economic growth forecasts for this year and next were trimmed to 2.1 percent and 2.4 percent, respectively, from 2.4 percent and 2.8 percent predicted in March.

"After five years of weak growth, there are signs of improvement".

Lifted by improving global trade in Asia and fiscal stimulus, Japanese growth was seen at 1.4 percent this year before slowing to 1.0 percent next year, both slightly raised from the OECD's March estimates of 1.2 percent and 0.8 percent respectively.

However, the OECD warns that major economies can not afford to be complacent.




"As the economic outlook improves and inflation approaches the target by end-2018, the degree of monetary stimulus is projected to be somewhat reduced, with the asset purchase programme being tapered off gradually over 2018 and the deposit rate being increased by 15 basis points towards the end of 2018", the report said.

The OECD also highlights that the United Kingdom has missed its inflation target of 2%, exceeding that aim, reflecting the recent exchange rate depreciation.

It said the Irish economy was projected to expand solidly, but growth would fall toward more sustainable rates in the near future.

Australian commodities linked to the Chinese economy remain an important source of income and growth, but also bring "uncertainty and risk".

The comments came from the Organisation for Economics Co-operation & Development on Wednesday.

Additionally, the OSCE's projection for China, which is one of the core countries for the global economy, stood at 6.6 percent for 2017 and 6.4 percent for 2018. There is uncertainty over government policies in major countries and wages are not yet growing as much as hoped, the OECD said.

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