Global Forecasts for 2005 Growth Are Reduced
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Prospects for the global economy next year are growing dimmer as oil prices hurt consumption and the rise in the U.S. trade deficit depresses the dollar.
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"Growth will slow down, due to increased global risk"  Germany's economy minister and a leading economic institute said Wednesday they expect 2008 growth to cool amid rising food and oil prices and fallout from the U.S. subprime mortgage loan crisis.Economy Minster Michael Glos was quoted by the mass-circulation Bild daily as saying the government was scaling back its forecast for 2008 to just under 2 percent. He did not give an exact figure.The Berlin-based DIW economic institute said it expected gross domestic product to expand by 2.1 percent in the coming year, following growth of at least 2.4 percent in 2007. Read more
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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.
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BERLIN  - A German research institute lowered its economic growth outlook for Germany for 2005 on Tuesday, saying exports are expected to slow and domestic demand will not rise enough to make up the difference.
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The Asian Development Bank on Wednesday cut its 2004 economic growth forecast for Thailand to 6.4 percent from 7.2 percent, citing the outbreak of avian influenza and higher oil prices.
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Higher oil prices pose the greatest threat to the world economy next year, but that will be only one of a number of risks facing global growth in 2005, namely depending too much
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The Organization for Economic Cooperation and Development cut its forecast for US economic growth and expects the Federal Reserve to lower interest rates next year, according to a draft of its latest estimates.
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A barometer of future US economic activity fell for a fifth month in October, the longest decline since 1995, signaling that the world&#39;s largest economy may slow in coming months.
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The White House on Tuesday lowered its forecast for economic growth this year and into 2008, reflecting the drag from the housing slump.
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Singapore cut its growth forecast for this year to 8.0-8.5 percent from 8.0-9.0 percent following a sharp slowdown in the third quarter and warned of uncertainties ahead for 2005.
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Ireland's leading economic think tank on Thursday downgraded its forecast for the country's gross domestic product (GDP) growth next year to 2.3 percent.
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The European Commission on Tuesday revised upwards its growth forecast for this year, but cut its prediction for 2005 GDP growth to 2.0 percent, in its regular autumn economic outlook report.
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The double whammy of higher oil prices and unfavourable weather conditions for agriculture, will slow the countryâs economic growth to 6.5 per cent in 2004, and an even lower level of 6 per cent in 2005, according to an Asian Development Bank (ADB
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The OECD cut its 2005 economic growth forecast for the euro zone and other major economies on Tuesday, blaming a &quot;surge in oil prices&quot; and the slide in the dollar.
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WASHINGTON : The world economy, powered in part by China, will grow this year at its briskest pace in almost three decades - five percent - before losing steam in 2005 in the face of higher oil prices, the IMF said on Wednesday.
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BRUSSELS - The European Central Bank has lowered its growth forecast for the eurozone economy this year to 1.8% from a previously projected 1.9%, and to 1.9% from 2.3% in 2005, sources close to the ECB said.
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WASHINGTON - The Bush administration released a new economic forecast for 2005 on Friday in which it boosted growth forecasts slightly from a year ago but cut back sharply on its estimates of new jobs.