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| Version 0 | Version 1 |
|---|---|
| OECD slashes US growth forecast | OECD slashes US growth forecast |
| (about 2 hours later) | |
| The US economy is on the brink of recession, according to the Organisation for Economic Co-operation and Development (OECD). | The US economy is on the brink of recession, according to the Organisation for Economic Co-operation and Development (OECD). |
| The OECD has slashed its growth forecast for the US economy and hardly expects it to grow at all in the first six months of 2008. | The OECD has slashed its growth forecast for the US economy and hardly expects it to grow at all in the first six months of 2008. |
| But the OECD says it is "premature" to say the US is in recession. | But the OECD says it is "premature" to say the US is in recession. |
| Among countries that use the euro, it raised its growth forecast for the first quarter from 0.4% to 0.5%. | Among countries that use the euro, it raised its growth forecast for the first quarter from 0.4% to 0.5%. |
| 'Moving sideways' | 'Moving sideways' |
| But for the second quarter of 2008 it lowered its forecast from 0.5% to 0.4%. | But for the second quarter of 2008 it lowered its forecast from 0.5% to 0.4%. |
| The report forecast UK growth of 0.6% in the first quarter. | The report forecast UK growth of 0.6% in the first quarter. |
| OECD chief economist Jorgen Elmeskov said the Bank of England should be cautious, given the solid growth and worries over inflation. | OECD chief economist Jorgen Elmeskov said the Bank of England should be cautious, given the solid growth and worries over inflation. |
| The research group said the US economy is, "essentially moving sideways, if not contracting outright". | |
| The OECD, which represents the 30 most advanced industrial countries, now expects the US economy to grow just 0.1% in the first 3 months of this year, down from its original 0.3% forecast. | The OECD, which represents the 30 most advanced industrial countries, now expects the US economy to grow just 0.1% in the first 3 months of this year, down from its original 0.3% forecast. |
| In the second three months, it reduced its forecast to zero growth, down from 0.4%. | In the second three months, it reduced its forecast to zero growth, down from 0.4%. |