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OECD expects global recovery to ease
By Leigh Thomas |
November 19, 2010, Friday
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Print Edition
Print Edition
THE global economic recovery is shifting down a gear as the United States economy rebounds less quickly than expected and growth in emerging countries moderates, the OECD said yesterday.
In its twice-yearly report, the Paris-based Organization for Economic Cooperation and Development said several factors suggested that outlook might be downgraded further, citing among others global currency tensions and a possible debt crisis in Europe.
It forecast world growth would slow to 4.2 percent in 2011 from 4.6 percent this year before returning to a rate of 4.6 percent in 2012.
Last May, the Paris-based organization projected expansion of 4.6 percent in 2010 and 4.5 percent in 2011. It did not give a forecast then for 2012.
"We see the recovery ongoing but at a somewhat slower pace," OECD chief economist Pier Carlo Padoan told Reuters in an interview.
The OECD cut its forecast for US growth to 2.7 percent this year, 2.2 percent in 2011 and 3.1 percent in 2012.
In May, it had estimated that growth in the world's biggest economy would bounce back from a dire recession in 2009 to grow 3.2 percent in both 2010 and 2011.
While the economic outlook for the 33 wealthy, industrialized countries belonging to the OECD varied widely, the organization raised slightly its growth forecast for the group to 2.8 percent for this year from an estimate of 2.7 percent given in May.
But it cut the outlook for next year to 2.3 percent from 2.8 percent previously and forecast the bloc would only see growth rebound to the latter rate in 2012.
Padoan said growth was easing as governments shifted focus from measures to boost their economies to tackling big budget deficits.
In its twice-yearly report, the Paris-based Organization for Economic Cooperation and Development said several factors suggested that outlook might be downgraded further, citing among others global currency tensions and a possible debt crisis in Europe.
It forecast world growth would slow to 4.2 percent in 2011 from 4.6 percent this year before returning to a rate of 4.6 percent in 2012.
Last May, the Paris-based organization projected expansion of 4.6 percent in 2010 and 4.5 percent in 2011. It did not give a forecast then for 2012.
"We see the recovery ongoing but at a somewhat slower pace," OECD chief economist Pier Carlo Padoan told Reuters in an interview.
The OECD cut its forecast for US growth to 2.7 percent this year, 2.2 percent in 2011 and 3.1 percent in 2012.
In May, it had estimated that growth in the world's biggest economy would bounce back from a dire recession in 2009 to grow 3.2 percent in both 2010 and 2011.
While the economic outlook for the 33 wealthy, industrialized countries belonging to the OECD varied widely, the organization raised slightly its growth forecast for the group to 2.8 percent for this year from an estimate of 2.7 percent given in May.
But it cut the outlook for next year to 2.3 percent from 2.8 percent previously and forecast the bloc would only see growth rebound to the latter rate in 2012.
Padoan said growth was easing as governments shifted focus from measures to boost their economies to tackling big budget deficits.
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