Global growth headed for six-year high: OECD

House prices largest single risk: OECD

Overall, the OECD's latest world economic outlook projects global growth of 3.5 per cent this year and 3.6 per cent in 2018, up from 3.0 per cent in 2016.

In China, growth is expected to slow to 6.6 percent in 2017 and 6.4 percent the following year in 2018, according to the OECD data. While domestic economy is expected to stabilize, with various structural reforms and a recovery in consumption, the report recommends a boost in government spending to encourage growth as well as measures to create more jobs. By contrast, it lowered its forecast for the US economy, and now expects growth this year of 2.1%, down from 2.4% in March.

The World Bank also said United Kingdom growth rate would slow from 1.8% in 2016, although upgraded its January forecast of 1.2% for 2017.

Here comes the USA growth, says OECD.

While recovering trade and investment flows were supporting the improving economic outlook, Gurria said barriers in the form of protectionism and regulations needed to be lifted to ensure stronger growth.

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"Given continuing regional geo-political tensions, and prior to general elections in 2019, growth is projected to edge up to around 3.5 percent in 2017 and 2018", the report read.

Expansion is buoyed by accelerating infrastructure investment tied to regional integration plans and the Belt and Road initiative, the Paris-based group said in a report Wednesday. There is uncertainty over government policies in major countries and wages are not yet growing as much as hoped, the OECD said.

The think tank said the ultra-easy monetary policy stance of the European Central bank remains appropriate as inflation is still well below the bank's "below, but close to 2 percent" target.

It said the modest growth is supported by an upturn in exports, which have been on a roll since November previous year on the back of brisk overseas sales of semiconductors.

The U.S. economy is projected to grow 2.1 percent this year and 2.4 percent next year, down from 2.4 percent and 2.8 percent projected in March, respectively. "Fiscal policy will remain supportive but should prioritize social inclusion more".

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