OECD cuts U.S. forecast, recession not ruled out
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The OECD on Wednesday reduced its forecast for U.S. economic growth and recommended a rapid cut in interest rates to limit the fallout from a housing and mortgage market slump that has sparked global financial market turmoil.
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China, Japan and North America will pull the global economy forward over the next two years despite headwinds thrown up by high oil prices and tenacious deficits, the OECD said Tuesday.
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World economic growth will slow significantly in 2008 but the U.S., whose housing downturn is rattling global financial markets, will avoid recession, the International Monetary Fund forecast Tuesday.
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Problems in the U.S. subprime mortgage market are unlikely to push the U.S. economy into a recession over the next 12 months, the top economist for a leading U.S. business group said on Tuesday.
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High oil prices dealt Germany&#39;s economy an unexpectedly severe blow in the third quarter, data showed on Thursday, leading economists to trim their growth forecasts for the 12-nation euro zone.
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In its fall outlook, the global lender cuts estimates for US GDP growth for both 2004 and 2005. WASHINGTON  - US economic growth should pick up in the second half of 2004 but costlier oil and weak
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The global credit crunch, created by uncertainty about the size of losses in the U.S. mortgage market, will curb euro zone economic growth in coming quarters, the European Commission said.
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The International Monetary Fund lowers its forecasts for global economic growth but does not predict a recession.
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The International Monetary Fund has cut its forecast for global growth next year slightly amid expectations that the US and Chinese economies will not expand as strongly as previously thought.
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New U.S. economic data on Friday did  little to answer questions about the sustainability of global  economic growth, offering a mixed picture that left markets in  a generally bearish pattern.
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The IMF cuts its prediction for 2008 global economic growth, citing the turbulence sparked by the US housing slump.
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Global stock markets tumbled on Friday on fears that the US economy was facing a sharp slowdown as the first monthly fall in employment in four years made an interest rate cut this month all but certain.
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The US economic outlook has suddenly darkened in the wake of data showing a stalling of the job growth machine, raising risks that a housing slump will lead to a full-blown recession, analysts say.
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The US economy will slow in the second half of the year and the risk of recession remains, the OECD warns.
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The OECD warns the UK economy may slow because of the credit crunch, forcing the Bank of England to cut rates.
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The OECD says the levels of inflation in the eurozone, Japan and the US do not justify further interest rate rises.
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The Organization for Economic Co-operation and Development (OECD) predicts global economic growth to be at 3.6% in 2004. The OECD lowered its forecast in the wake of a rise in oil prices and drop in consumer confidence.