As you know, it seems that this year dollar has just made it impossible for the USA to continue to grow as they used to in the past few years and keeping that in mind, the growth in many other foreign countries can really be surprising... In fact, Japan will grow by just 1.2%, down from June's 1.7% forecast, the OECD said, predicting the country will avoid recession with a partial bounceback in the second half.
The 15-nation euro zone is set to grow at a 1.3% clip, compared with 1.7% forecast in June. Major economies Germany, France and Italy, which like Japan all shrank in the second quarter, should also avoid recession defined as two consecutive quarters of negative growth, according to the centerpoint of the projections.
However the OECD's chief economist Jorgen Elmeskov said the "relatively wide" range of the forecasts indicates a risk that all four economies could shrink again in the current quarter.
The British economy, which is expected to chart 1.2% growth this year, could be entering a recession with growth expected to shrink in the third and fourth quarters, the OECD's central projections show.
"The picture for the major economies is for a pretty weak second half," Elmeskov told reporters at a Paris news conference.
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