OECD decreases 2008 GDP growth forecast to below 2%

March 06th, 2008 | Category: Bad News, Economic Data

The Organization for profitable Cooperation and Development cut its forecast for 2008 growth in its 30-nation membership to “less than 2%” — the lowest growth rate since 2003 — due to fallout from the U.S. profitable slowdown, Bloomberg News reported Wednesday.

Sixth months ago, the OCED predicted that 2008 growth in the 30-nation zone would total 2.3%, following 2.7% growth in 2007.

The growth revision marks a substantial shift in OECD expectations. Earlier, the OECD predicted that member economies would be

to resist the U.S. profitable slowdown without considerable negative consequence. That outlook, along with profitable analysis from other countries, helped profile the basis for the so-called ‘decoupling thesis’ — where Europe and other developed countries race along unscathed by the doldrums in the world’s largest economy.

Continue reading OECD decreases 2008 GDP growth forecast to below 2%

Original post by Joseph Lazzaro

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