| |
USA:OECD lowers US economic growth forecast to 4.3% |
|
2004-9-23
|
 |
The forecast for US economic growth has been cut to 4.3 percent down from 4.7 percent by The Organization for Economic Cooperation and Development (OECD) on Tuesday. However, it raised its growth predictions for the euro zone and for Japan.
The International Monetary Fund also sees U.S. growth at 4.3 percent in 2004 and expects the euro area to expand 2.1 percent, as stated in a copy of the IMF''s World Economic Outlook due for released on September 29.
Referring to the U.S. economy, OECD chief economist Jean-Philippe Cotis said in a statement, "Household confidence is affected by the sub-par pace of job creation recorded to date, but remains around its long-run historical average, boding well for the resilience of consumption."
In the euro area, large differences persisted between states, he said. French domestic demand was buoyant, while German consumption at home was still lacklustre.
"Real GDP, which surprised on the upside earlier in 2004, is expanding at its potential rate or thereabout, albeit still pulled by external demand and with a larger output gap than across the Atlantic," Cotis said, referring to the euro zone.
It said the 12-nation euro zone was expected to grow 2.0 percent this year, up from an earlier forecast of 1.6 percent, while Japan was seen growing 4.4 percent, up from 3.0 percent seen earlier.
Germany was set to grow 1.7 percent this year, versus 1.1 percent previously, while France would grow by 2.7 percent, up from a 2.0 percent forecast.
Britain was seen growing 3.4 percent compared to the previously expected 3.1 percent, the OECD said. Meanwhile, Japan was set to grow 4.4 percent in 2004, up from an earlier forecast of 3.0 percent.
"Japan is ... in a position to finally exit the deflation trap over the next two years, provided macroeconomic policy stays the course and structural adjustment efforts, including in the financial sector, are pursued," Cotis said. |
|
|
|
|
|
浙公網安33010602010414
