OECD Says Developed World in Recession
By: BankingMyWay.com Staff
The OECD says gross domestic product is likely to decline by 0.3% in 2009 in its 30 member countries, with the U.S. contracting by 0.9%.
LONDON (AP) -- A leading international economic organization says the world's developed economies are in recession and are likely to contract next year.
The Paris-based Organization for Economic Cooperation and Development says gross domestic product is likely to decline by 0.3% in 2009 in its 30 member countries, with the U.S. contracting by 0.9%, Japan by 0.1% and the euro currency area by 0.5%.
The latest forecasts represent a sharp downgrade since the last one in June, when the organization forecast member country growth of 1.7% in 2009 and indicated that the worst of the financial crisis may have passed.
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