France and Britain have seen the biggest cut in 2008 growth forecast by the Organisation for Economic Cooperation and Development (OECD), the Paris-based think-tank linking the 30 richest countries in the world, published on Tuesday (2 September). Europe's two largest economies - Germany and France - will barely grow at all this year, according to OECD experts, with Germany's prediction for 2008 average growth down from 1.9 percent to 1.5 percent and France's down from 1.8 percent to 1.0 percent. The UK economy is facing it's worst state in 60 years, according to the country's chancellor Britain's GDP for this year is expected to be 1.2 percent rather than the 1.8 percent predicted earlier, while the Italian economy is facing the poorest performance, with average 2008 growth predicted to be 0.1 percent, down from 0.5 percent. The OECD suspects that all 15 member states of the euro area will avoid a technical recession - regarded as two consequent quarters of contraction - although altogether, the eurozone will only grow by 1.3 percent, not 1.7 percent as said earlier.
France and Britain have seen the biggest cut in 2008 growth forecast by the Organisation for Economic Cooperation and Development (OECD), the Paris-based think-tank linking the 30 richest countries in the world, published on Tuesday (2 September).
Europe's two largest economies - Germany and France - will barely grow at all this year, according to OECD experts, with Germany's prediction for 2008 average growth down from 1.9 percent to 1.5 percent and France's down from 1.8 percent to 1.0 percent.
The UK economy is facing it's worst state in 60 years, according to the country's chancellor
Britain's GDP for this year is expected to be 1.2 percent rather than the 1.8 percent predicted earlier, while the Italian economy is facing the poorest performance, with average 2008 growth predicted to be 0.1 percent, down from 0.5 percent.
The OECD suspects that all 15 member states of the euro area will avoid a technical recession - regarded as two consequent quarters of contraction - although altogether, the eurozone will only grow by 1.3 percent, not 1.7 percent as said earlier.
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... A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
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(SCOOP is crap...) A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
