OECD Cuts US Economic Growth Forecast
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The Organization for Economic Cooperation and Development (OECD) on Tuesday cut its 2004 forecast for US economic growth to 4.3 percent but raised its growth predictions for the euro zone and for Japan.
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A likely soft landing for the U.S. economy will not dent the recovery that is gathering pace in Europe, the OECD said Tuesday, raising its growth forecast for the 12 nations that use the euro while cutting predictions for the United States to reflect a housing-led slowdown.
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Growth in the US economy this year is likely to be 4.3%, the OECD forecast today, lowering an earlier forecast of 4.7%. But the Japanese economy was set to grow by 4.4% instead of 3% forecast earlier and the euro zone by 2% instead of 1.6%.
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OECD raises economic forecast for region and lowers United States.
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US economic growth will slow to 3.3 per cent in 2005, more than a full percentage point below this year, with the effect of high energy prices dragging on the economy for the next few quarters, the OECD said on Tuesday.
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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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IMF forecasts U.S. growth will slow, but experts note world economy increasingly resists spillover.
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LONDON: A leading business group cut its 2005 forecast for British economic growth yesterday, blaming a combination of high oil and commodity prices, slowing global growth and domestic interest rate rises.
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Growth in US services - the engine driving the world's biggest economy - has slowed sharply, a survey suggests.
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US economists have trimmed their forecasts for hiring and economic growth in view of steep energy prices and other factors, a Wall Street Journal survey showed.
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US economic growth should slow over the coming year as consumers cut back on spending, but improved business confidence should help hiring, a wide-ranging survey of forecasters found.
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The U.S. economy is slowing but the outlook is benign, while Japan is poised for its longest post-war growth spell, OECD chief Angel Gurria said on Thursday.
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The IMF warns that the global credit crunch will lower economic growth next year, with the US hardest hit.
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A slowdown in the U.S. economy will likely drag on global growth next year, economists predict, but Asia and Europe are expected to remain fairly resilient amid signs of healthy consumer demand.
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The OECD revised the growth projections for its major members. The growth of the US economy this year is likely to be 4.3 percent, instead of an earlier forecast of 4.7 percent, it said.
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Prospects for the global economy next year are growing dimmer as high oil prices hurt consumption and the unchecked rise in the United States trade deficit depresses the dollar
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WASHINGTON -- The White House on Tuesday lowered its forecast for economic growth this year and into 2008, reflecting the drag from the housing slump.