Leading international organisation The Organisation for Economic Cooperation and Development (OECD) has warned that risks to the global outlook have increased, remarking that a lack of clear direction regarding climate policy is preventing business investment.
In its latest report, it remarked the global outlook prospects have steadily deteriorated, and that while growth forecast remains 3 per cent, risks have substantially increased.
A leading international economic organisation has warned that risks to the global outlook have increased.
While the OECD report falls short of predicting a recession, the tone is markedly less positive. It calls on governments to act on global challenges, which have both long term and more immediate repercussions.
Homing in on the issue of climate change, the OECD commented that extreme weather events could result in the disruption of economic activity and inflict lasting damage on both capital and land.
The report also expressed concern about disorderly migration flows, and substandard policy to mitigate the frequency of such events.