Business News
Industrial nations recovery slower than thought, OECD says
Nov 3, 2010, 13:35 GMT
Paris - Industrial nations' recovery from the worst economic crisis after World War Two is going slower than hoped, the OECD warned Wednesday in lowering its growth projections for 2011.
The Paris-based Organisation for Economic Cooperation and Development projected a growth rate for the entire OECD region next year of 2.0-2.5 per cent, down from its last projection of 2.8 per cent in June.
For the United States, the OECD projected a growth rate of 1.75- 2.25 per cent, well down on the 3.2 per cent prediction last June.
The prediction for the eurozone area was relatively unchanged, with the OECD projecting a 1.5-2.0 per cent rise next year. The June estimate was for 1.8 per cent.
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