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European recession slowing global economy: OECD (2)

(Xinhua)

10:55, September 07, 2012

According to the OECD assessment, the GDP of G7 economies (Canada, Germany, the United States, France, Britain, Italy and Japan) is expected to grow at an annualized rate of 0.3 percent in the third quarter of 2012 and 1.1 percent in the fourth. It is estimated to grow at 1.4 percent in 2012, the same level as the previous year.

But for three key economies in the euro area, Germany, France and Italy, the GDP will shrink at an annualized rate of 1 percent on average during the third quarter and at 0.7 percent in the fourth. In 2012, the GDP of three largest euro countries will show a contraction of 0.2 percent against a growth rate of 2 percent in 2011, the OECD assessment showed.

Italy will continue its deep recession with a contraction of 2.4 percent this year. The German economy is expected to grow at 0.8 percent in 2012 against 3.1 percent in 2011, while France is forecast to grow at 1 percent this year, compared to 1.7 percent the previous year.

Although the United States has been affected by the euro area slowdown, growth is nonetheless projected at 2.3 percent this year. Japan's growth rate will be 2.2 percent while Canada is expected to grow at 1.9 percent.

"A number of downside risks threaten the outlook, including the potential for further increases to already high oil prices, excessive fiscal contraction, notably in the United States in 2013, and further declines in consumer confidence linked to persistent unemployment," Padoan indicated.

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