U.S. economic growth will slow to 1.6% this year from 2.8% last year as President Donald Trump’s erratic trade wars disrupt global commerce, drive up costs and leave businesses and consumers paralyzed by uncertainty.

The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates.

An ambitious 2021 agreement by more than 140 countries and territories to weed out tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will raise only a fraction of the revenue that was envisioned, a tax watchdog backed by the European Union has warned.

The global economy is bouncing back from an an energy price spike fed by Russia's invasion of Ukraine.

Germany’s economy saw stronger growth in the third quarter than expected as consumer spending picked up following the lifting of pandemic restrictions.

France is forecasting growth to slow down substantially next year in the EU’s second-biggest economy.

Russia’s war against Ukraine, the lingering coronavirus pandemic and the damage of climate change are putting intense pressure on the world’s poorest, the Organization for Economic Cooperation and Development warns.

Rich countries said they will spend about $25 billion by 2025 to boost Africa’s efforts to adapt to climate change as the continent continues to struggle with drought, cyclones and extreme heat, according to officials at a summit in Rotterdam in the Netherlands on Monday.

Richer countries failed to keep a $100 billion a year pledge to developing nations to help them achieve their climate goals, according to an analysis by the Organization for Economic Cooperation and Development, or OECD.

The Organization for Economic Cooperation and Development says Russia’s war in Ukraine and the energy and food crises it worsened will severely drag down global economic growth and push up inflation this year.

The Organization for Economic Cooperation and Development is warning that Russia's war in Ukraine will disrupt commerce and clog up supply chains, slashing economic growth and pushing prices sharply higher around the globe.

In a reversal of Trump administration policy, the State Department has disclosed the number of nuclear weapons in the U.S. stockpile.

U.S. Secretary of State Antony Blinken is calling on the world's most developed countries to take on and counter widening gaps between the rich and poor.

U.S. President Joe Biden's proposal for a global minimum corporate tax will get another going over at a meeting of top finance officials.

The global economic recovery from the pandemic faces multiple headwinds, including lack of vaccines in poorer countries.

The U.S. Treasury Department says it supports a global minimum corporate tax rate of at least 15% — below the 21% minimum it has been seeking to impose on the foreign profits of U.S.-based companies.

The U.S. Treasury Department says it supports a global minimum corporate tax rate of at least 15% — below the 21% minimum it has been seeking to impose on the foreign profits of U.S.-based companies.

(AP Photo/Koji Sasahara)PARIS – The world economy is bouncing back from the pandemic crisis faster than expected, thanks in part to successful coronavirus vaccines and U.S. stimulus efforts, but the improvements are uneven and joblessness remains a big concern, according to a new forecast. The Organization for Economic Cooperation and Development on Tuesday raised its expectations for global GDP growth to 5.5% this year and 4% next year. That is up from a December forecast of 4.2% growth in 2021 and 3.7% for 2022. After the virus plunged the world economy into crisis last year, the OECD now expects global output to surpass pre-pandemic levels by the middle of this year. The Paris-based group also warned that new virus variants and too-slow vaccine rollouts could threaten chances of improvement for businesses and jobs.

FILE - This photo combo of images shows the Amazon, Google and Facebook logos. An international debate over how countries tax big U.S. technology companies such as Google, Amazon and Facebook is heating up. It's a challenge for the new U.S. Biden Administration, since talks face a mid-year deadline to reach a global deal that all agree on _ and defuse trade disputes with France and other countries that are imposing go-it-alone taxes the U.S. sees as discriminatory. (AP Photo, file)(Copyright 2019 The Associated Press. All rights reserved.)

Across Europe, governments are reopening their economies as they get a handle on a second virus surge, but only gradually, and partially. Vast cobblestone plazas stand empty this festive season instead of hosting Christmas markets that usually electrify historic cities. The reopening won’t be enough to make up for sales lost during the pandemic - but reflects the glimmer of hope that forecasters are starting to see in the global economy. It predicts the global economy will shrink about 4.2% this year and rebound by the same rate in 2021 before growing 3.7% the following year. Across Europe, governments are reopening their economies as they get a handle on a second virus surge – but only gradually, and partially.

Asian markets are mixed after the U.S. benchmark S&P 500 set another record. (AP Photo/Koji Sasahara)BEIJING – Asian shares advanced Wednesday after Wall Street kicked off December with more milestones, as a broad rally pushed the S&P 500 and Nasdaq composite to new highs. Overnight, the S&P 500 gained 1.1% to 3,662.45, with Big Tech companies and banks driving a big part of the rally. Members put off from Tuesday to Thursday a meeting with non-OPEC oil producers like Russia, who have been coordinating their actions with the cartel in recent years to increase their influence. The pandemic has sapped demand for fuel across the economy, leading oil producers to cut back production this year to keep prices from sagging even further.

In its latest survey of the the British economy, the Paris-based Organization for Economic Cooperation and Development said Wednesday that a trade deal that ensures a close relationship will minimize the costs of Brexit. The OECD warned that the economy will be further hobbled by a rise in unemployment, which has been largely held in check this year by a wage support program. A trade deal would ensure there are no tariffs and quotas on trade in goods between the two sides, but there would still be technical costs, partly associated with customs checks and non-tariff barriers on services. According to the OECD, even a smooth trade deal would see the British economy around 3.5% smaller in coming years than it would have been had it remained within the EU. British Prime Minister Boris Johnson had set a summit of EU leaders on Thursday as the deadline for a trade deal, but the talks are widely expected to continue for a few more weeks.

LONDON – A global economic watchdog on Monday proposed an overhaul of international tax rules to make sure big tech companies pay their dues, and warned that failure to adopt it would make the economic recovery from COVID-19 harder. The Paris-based Organization for Economic Cooperation and Development, which advises the world's top economies, said its global tax overhaul framework will be presented to Group of 20 finance ministers meeting this week and could be implemented by mid-2021 if an agreement is reached. The result is that global economic growth cut be cut by more than 1% annually. The OECD's blueprints seek to reduce gaps and mismatches in tax rules between countries that are exploited by companies to avoid paying tax. They lay out new rules on where taxes should be paid, with the aim of making “digitally-intensive or consumer facing” multinational corporations pay taxes even in places where they do business remotely.

PARIS – The global economy is not doing as bad as previously expected, especially in the United States and China, but has still stuffered an unprecedented drop due to the coronavirus pandemic, an international watchdog said Wednesday. The global economy is expected to rebound and grow by 5% next year, the organization said. The OECD upgraded its forecast for the U.S. economy, anticipating a contraction of 3.8% this year instead of a plunge of 7.3% forecast previously. The Paris-based organization, which advises developed countries on economic policy, urged governments not to raise taxes or cut spending next year “to preserve confidence and limit uncertainty." “The aim must be to avoid premature budgetary tightening at a time when economies are still fragile,” it said.

For millions of people who live in poor and troubled regions of the world, the novel coronavirus is only the latest epidemic. ( AP Photo/Muhammad Sajjad)PARIS The virus crisis has triggered the worst global recession in nearly a century -- and the pain is not over yet even if there is no second wave of infections, an international economic report warned Wednesday. Hundreds of millions of people have lost their jobs, and the crisis is hitting the poor and young people the hardest, worsening inequalities, Organization for Economic Cooperation and Development said in its latest analysis of global economic data. If the coronavirus re-emerges later in the year, however, the global economy could shrink 7.6%, the OECD said. The virus has infected 7.2 million people worldwide and killed at least 411,000, according to official figures tallied by Johns Hopkins University.

After skidding sharply through the day as fear pounded markets, steep drops for stocks and bond yields suddenly eased up in the last hour. Earlier in the day, the S&P 500 had been down 4%. Friday's drop for the S&P 500 was the latest swing in a remarkably turbulent week. It was only two weeks ago that the S&P 500 set a record high, on Feb. 19. MARKET ROUNDUP:The S&P 500 fell 51.57, or 1.7%, to 2,972.37.

Macron said his preference is for international rules for taxing digital services. The digital services tax only applies to companies which earn more than 25 million (around $27.7 million) in France, or 750 million (around $830 million) worldwide. "We tax our companies, they don't tax our companies," Trump said last month. At a hearing in Washington last week Amazon said it will pass along the costs of the French digital tax to its third-party sellers beginning October 1. While the OECD mechanism is about taxes in general, it is being done with the issue of how to tax digital services specifically in mind.