OECD tips US growth slowdown in 2005
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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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The recent financial markets chaos which plagued banking group Northern Rock could put the brakes on Britain&#39;s economic growth, the OECD warned Thursday.
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The Organization for Economic Cooperation and Development revised down Tuesday its growth forecast for the United States this year.
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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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Global economic growth has reached a turning point with a slowdown now clearly under way, led by the United States, the World Bank said on Wednesday.
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The German economy, which grew strongly earlier this year on the back of robust exports, will see a slowdown in growth in 2005 as a result of runaway oil prices and a tailing off of foreign demand for German-made goods, top research institutes warned.
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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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Despite soaring oil prices and a slumping dollar, the United States enjoyed a banner year in terms of economic growth in 2004, but the new year is likely to see a significant slowdown, private economists say.
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The US economy grew at a 2.8 percent annual rate from April through June, slower than the government estimated last month, as higher oil prices limited consumer spending and contributed to a record trade deficit.
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October 30, 2004 -- The US economy grew at a slower-than-expected 3.7 percent annual rate in the third quarter as rising oil prices contributed to a record trade deficit and companies added less to inventories.
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IMF forecasts U.S. growth will slow, but experts note world economy increasingly resists spillover.
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The economy in many areas of the United States grew at a slower pace in late July and August as household spending softened, the Federal Reserve said in a report on Wednesday.
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The U.S. economy will grow at a moderate clip in 2007 as consumer spending growth slows and business spending moderates during the second half, a key economic forecast released on Tuesday showed.
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OECD raises economic forecast for region and lowers United States.
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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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A likely soft landing for the U.S. economy will not dent the recovery that is gathering pace in Europe, the OECD said Tuesday, as it raised its growth forecast for the 12 nations that use the euro and cut its outlook for the United States.
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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.