Tuesday, May 22, 2012

OECD sees euro crisis threatening world recovery

Reuters
May 22, 2012



(Reuters) - The United States and Japan are leading a fragile economic recovery among developed countries that could yet be blown off course if the euro zone fails to contain its flaring growth crisis, the OECD said on Tuesday.
In its twice-yearly economic outlook, the Paris-based Organisation for Economic Co-operation and Development forecast that global growth would ease to 3.4 percent this year from 3.6 percent in 2011, before accelerating to 4.2 percent in 2013, in line with its last estimates from late November.
Growth across the organisation's 34 members, generally the wealthiest in the world, would ease this year to 1.6 percent from 1.8 percent in 2011 and then reach 2.2 percent in 2013, also roughly in line with previous estimates.
"We see a slow rebound of growth in the United States driven mostly by private demand, some pick-up in Japan and moderate to strong growth in emerging economies," OECD chief economist Pier Carlo Padoan told Reuters in an interview.
"We also see flat growth in the euro area which hides important differences, with northern countries growing and southern countries in recession," he added.
The OECD forecast that the 17-member euro zone economy would shrink 0.1 percent this year before posting growth of 0.9 percent in 2013, though regional powerhouse Germany would chalk up growth of 1.2 percent in 2012 and 2.0 percent in 2013.

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