The Organization for Economic Co-operation and Development (OECD), an international group of 38 countries promoting economic stability, has cut its global growth forecast to 2.9 percent from 3.1 percent, citing trade barriers driven by US tariffs under President Trump. The US outlook was lowered to 1.6 percent, with inflation risks noted.

UK growth was revised to 1.3 percent, with further slowing expected. The OECD warned of weak business confidence and urged stronger fiscal discipline ahead of the UK’s Spending Review, BBC reported.