Agency Sees Global Economy Weakening in 2005
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The forecast came as the U.S. revised upward its estimate for third-quarter gross domestic product growth to a robust 3.9 percent from 3.7 percent.
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The current recovery of the global economy is dampened by risks that could give rise to financial and exchange-rate instability and to a slowdown in growth, the United Nations Conference on Trade and Development (UNCTAD) warned Thursday.
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The world's tourism industry could shrink this year if the United States falls into a deep recession and drags other economies with it, the World Tourism Organisation said on Tuesday.
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The outlook for the global economy this year is decidedly dour, but leading economists at the World Economic Forum in Switzerland had mixed views Wednesday about the possibility of a global recession.
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The UK economy is set to slow markedly in 2005, Deloitte warns, with growth of just 2%.
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The Organization for Economic Co-operation and Development (OECD) has predicted that the Chinese economy would grow by 8 percent in 2005, saying a restrictive economic policy would lead to a slowdown.
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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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Soaring oil prices have dealt a blow to global economic growth in recent months, but fatter corporate profits and investment should facilitate a rebound in 2005, the OECD said Tuesday.
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US economic growth will slow to 3.5 percent in 2005 from 3.9 percent this year, generating average monthly gains in payrolls of about 175,000 jobs, according to President George W. Bush&#39;s administration.
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The U.S. economy is running out of steam but Europe's resurgence and Asia's awakening will prevent the world's economy from derailing as it did after the stock market crash of 2000, the OECD said in a report on Tuesday.
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A leading business group cut its 2005 forecast for British economic growth Thursday, blaming a combination of high oil and commodity prices, slowing global growth and domestic interest rate rises.
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The International Energy Agency said that higher petroleum prices would hurt economic growth around the world next year.
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The economy could be headed for slower growth in the next several months, according to a report released Thursday by a private research group.
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Global economic growth is likely to be dampened by the turbulence on world markets, the IMF says.
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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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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.
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The International Monetary Fund says the world economy is growing at the fastest past in three decades, but in its semi-annual report the international lender says growth is likely to slow in 2005.