Keeping in mind that the OECD is a cooperative international body (aka not known for taking strong positions on anything, save lunch menu), here’s Paris-based boffins’ latest outlook for the global economy in 2014:
Everyone is downgraded, save India. Poor Italy got blasted – forecast for 2014 growth is now 0.9 percentage points lower than back in May and the ‘powerhouse’ of the euro area, Germany, is expected to grow by just 1.5% this year despite booming current account.2015 is not going to be much better either:
OECD expects euro area to grow at 1.1% in 2015, which is slower than its forecast for the common currency area for 2014 produced back in May 2014. In other words, the expected ‘new’ recovery is worse than expected ‘old’ current outlook.
This post was published at True Economics on Monday, September 15, 2014.
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