Global growth continuing - great news for expats moving abroad
According to the OECD, a moderate growth is taking place across the majority of advanced and expanding economies. This news will delight expats considering moving to the USA, the UK and Canada, where the rate of unemployment is likely to be reduced.
The news forms part of the OECD’s (Organisation for Economic Co-operation and Development) Interim Economic Assessment Report, which monitors the growth and development of the global economy. Presenting the report in Paris on 15th September, OECD Deputy Secretary-General and Acting Chief Economist Rintaro Tamaki commented: “The global economy is expanding unevenly, and at only a moderate rate. Trade growth therefore remains sluggish and labour market conditions in the main advanced economies are improving only gradually, with far too many people still unable to find good jobs worldwide. The continued failure to generate strong, balanced and inclusive growth underlines the urgency of undertaking ambitious reforms.”
The report also suggests that the economy in the USA will grow by 2.1% this year and develop to 3.1% in 2015. Elsewhere in the report, it is projected that the UK will grow by 3.1% in 2014 and 2.8% in 2015. Expats thinking of moving to Canada can expect a projected economic growth of 2.3% in 2014 and around 2.7% in 2015. Given the low-growth outlook predicted for the Euro Area (0.8% in 2014) and the risk that demand could be further reduced if inflation remains near zero, the OECD has recommended more monetary for the euro area.
The news will delight expats considering seeking employment, or moving abroad to take up an arranged employment post as the numbers suggest a greater need for staff in key countries. The World Economic Forum has recently released its ‘Global Competitiveness Report,’ which shows that the top 3 competitive economies are Switzerland, Singapore and the USA.
The Office for National Statistics has recently reported that in the year ending March 2014, an estimated 316,000 people emigrated from the UK. Cadogan Tate offers specialist international removal services to expats considering moving abroad.
Information correct at time of publication