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OECD Forecasts 7.5% Economic Growth for China
Organization for Economic Cooperation and Development (OECD) lowered the anticipated economic growth for its member states this year, believing that China's economic growth is estimated at 7.5 percent this year. OECD called on the central banks of various countries to cut interest rates in order to stimulate economic pick-up.
According to a recently released report on economic outlook, OECD predicted that the economic growth of 30 OECD member countries this year will drop to 2 percent from last year's 4.1 percent and will rebound to 2.8 percent next year.
The report adjusted the American GDP to 1.7 percent from the originally estimated 3.5 percent, but it expected that US economic growth will be increased to 3.1 percent next year. Economic growth in Euro countries will remain at 2.6 percent this year and will slightly increase to 2.7 percent next year.
The report said that the average growth of Asia's real GDP this year would fall from last year's 7 percent to 5 percent.
The report predicted that Japan's economic growth will plummet by nearly one half, from the originally estimated 2.3 percent to 1.0 percent and may rise to 1.1 percent next year.
The OECD said that China's economic growth will stand at around 7.5 percent, lower than last year's 8 percent. Due to strong domestic demands and improved global economy, China's economic growth next year is estimated to be better than that of this year.
By PD Online staff member Li Yan
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