By Gokhan Ergocun
The global growth rate is estimated to have risen by 3.7 percent in 2017, the Organization for Economic Co-operation and Development (OECD) announced on Tuesday.
"Global GDP growth is estimated to have been 3.7 percent in 2017, the strongest outcome since 2011, with positive growth surprises in the euro area, China, Turkey and Brazil," the OECD said in a press release.
Meanwhile, Turkey's growth rate is estimated to have risen by 6.9 percent in 2017 instead of 6.1 percent as previously expected. It is expected to rise by 5.3 percent for 2018 and 5.1 percent for 2019, from 4.9 percent and 4.7 percent respectively.
The OECD also projected to rise of global GDP growth by 3.9 percent for both 2018 and 2019.
In November 2017, the OECD predicted an increase of 3.6 percent for 2017 and 2019, and a rise of 3.7 percent for 2018.
"Industrial production, investment and trade growth have rebounded, with global trade growth reaching an estimated over 5 percent in 2017, and business and consumer confidence remain elevated," the OECD stated.
The OECD stressed that the world economy would continue to strengthen in 2018 and 2019.
"Growth in the U.S., Germany, France, Mexico, Turkey and South Africa is projected to be significantly more robust than previously anticipated, with smaller upward revisions in most other G20 economies," it added.
The OECD added that the tax and public spending reductions in the U.S. during the last three months and Germany's fiscal stimulus were key factors for upgrading global growth predictions in 2018 and 2019.
"Stronger GDP growth is being accompanied by solid job creation, with the OECD-wide unemployment rate having finally fallen below the pre-crisis level," the OECD said.
It highlighted that many countries' rising risk-taking and high debt levels raised financial vulnerabilities.
Among G20 countries, only Russia's growth rate is estimated to have decreased 1.5 percent in 2017. It is also expected to fall 1.8 percent in 2018.