While concerns about the global economy continue to plague investors, Paris-based OECD has forecast that the global economy is on course for its fastest growth in close to six years but has warned that countries need to strive to do better.
The Organization for Economic Co-operation and Development has predicted that the global economy is set to grow 3.5 percent in 2017, followed by an increase to 3.6 percent in 2018 as confidence is increasing and investment and trade are picking up from low levels.
"It's a little more optimistic than last year," Catherine Mann, chief economist at OECD told CNBC Wednesday.
"What we've seen is some cyclical uptick across the board, in terms of consumption,
However, she added that more progress needs to be made in order to ensure sustainable growth forecasts.
"We don't think that we can be assured that those kinds of improvements are going to be durable. We have not seen real wage growth, we have not seen improvements in productivity growth, and until we get those two things in place we don't think we have a sustainable recovery going forward.