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Wednesday April 13, 04:42
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OECD cuts growth forecast for 2005
(by Dr.Goldfinger)
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Growth forecast is slashed for 2005 by the Organization for Economic Cooperation and Development on weaker performance in Japan and Europe, according to a draft of its semi-annual forecast.
The OECD’s estimate for growth fell to 2.8% this year, slightly down from its prior forecast of 2.9% in November and 3.3% estimate in May, 2004. The 30-member organization also forecast 2006 growth of 3%, which fell down from the November’s prediction of 3.1%. Last year, the growth of the member nations amounted to3.4%.
Estimate reduction was mainly caused by slowing expansion of Japan and Germany, the world’s second- and third-biggest economies, as well as the highr oil prices, according to the draft.
The draft also showed that the US will hold the first place among the OECD members with the growth forecast raised to 3.8% this year, from previous 3.3%. The 2005 forecast for the euro region is decreased to 1.7% from 1.9%, according to the draft. Japan faces the forecast growth of 1%.
The OECD does not include the two fastest-growing nations, China and India. The two economies are predicted to expand at least 8% in 2005.
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