Tag: OECD

OECD warns of UK recession and unemployment

OECD warns of UK recession and unemployment

The Organisation for Economic Cooperation and Development (OECD) has cut its global growth forecast for next year to 3.4 per cent and has warned that the UK will follow Europe into recession. The organisation also predicts that unemployment in the UK will reach 9.1 per cent by 2013. Yesterday the Ernst & Young ITEM Club, [...]

November 28, 2011 | 0 Comments More
ILO: Global economy on brink of jobs recession

ILO: Global economy on brink of jobs recession

The International Labour Organization (ILO) has warned that the world economy is heading towards a new jobs recession, which could trigger social unrest in some countries. The recent slowdown in the global economy is “dramatically” affecting labour markets and it is expected to take at least five years for employment in developed economies to return [...]

October 31, 2011 | 0 Comments More
German analyst and investor confidence down in September

German analyst and investor confidence down in September

The Zew economic sentiment index has revealed German analyst and investor confidence fell to a 2½ year low in September as the ongoing euro zone debt crisis and fears of a global slowdown dampened sentiment. The index, which measures expectations of economic activity over the next six months, fell for the seventh consecutive month to [...]

September 20, 2011 | 0 Comments More
Euro zone interest rates remain on hold

Euro zone interest rates remain on hold

The European Central Bank (ECB) has today opted to leave interest rates unchanged at 1.5% - for the second consecutive month. Rates were lifted from the historic low of 1% in April and then raised further to 1.25% in July in a bid to curb rising inflation. Many major economies are battling with higher inflation, [...]

September 8, 2011 | 0 Comments More
Fed: US economy remains sluggish

Fed: US economy remains sluggish

The latest Beige Book report, published by the Federal Reserve today, has revealed widespread signs that US economic growth continues to slow. The Fed said: “Economic activity continued to expand at a modest pace, though some districts noted mixed or weakening activity.” The economic recovery of the US remains sluggish in the face of higher [...]

September 8, 2011 | 0 Comments More
OECD lowers growth prospects for major economies

OECD lowers growth prospects for major economies

The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for major economies. The US, which is the world’s largest economy, is expected to see growth in the third quarter of 1.1% and 0.4% in the fourth – this is far lower than the previous estimates of 2.9% and 3%. However, [...]

September 8, 2011 | 0 Comments More
UK’s slow rate of growth could force easing of cuts

UK’s slow rate of growth could force easing of cuts

The OECD’s chief economist, Pier Carlo Padoan, has warned that the UK may be forced to ease its pace of spending cuts if economic growth remains sluggish. Mr Padoan of the Organisation for Economic Co-operation and Development said if growth worsens, the Government may need to reconsider its plans for cutting the deficit. In the [...]

May 26, 2011 | 0 Comments More
OECD: Bank of England should lift interest rates

OECD: Bank of England should lift interest rates

The Paris-based Organisation for Economic Cooperation and Development (OECD) has today said the Bank of England should lift interest rates to combat stubbornly high inflation. UK economic growth is being hampered by soaring inflation, which is having a major impact on consumer spending. As a result, the Organisation revised its growth forecasts for the UK, [...]

May 25, 2011 | 0 Comments More
OECD revises growth prospects for global economy

OECD revises growth prospects for global economy

The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for the global economy. The US, which is the world’s largest economy, is expected to see growth this year of 2.6% - revised upwards from a previous estimate of 2.2%. It maintained its 2012 growth forecast at 3.1%. “Growth in the [...]

May 25, 2011 | 0 Comments More
OECD cuts UK growth estimates

OECD cuts UK growth estimates

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has cut its forecast for UK economic growth. The Organisation estimated growth this year of 1.5%, down from its November prediction of 1.7%. The reduction was attributed to Government spending cuts, which will hamper growth. However, the OECD described the cuts as “ambitious and [...]

March 16, 2011 | 0 Comments More
Germany sees 3.6% growth in 2010

Germany sees 3.6% growth in 2010

Germany, which is Europe’s largest economy, posted growth of 3.6% in 2010 - the strongest pace since German reunification in 1990, the Federal Statistical Office said today. Export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world. “We grew [...]

January 12, 2011 | 0 Comments More
Unemployment in OECD countries holds steady at 8.6%

Unemployment in OECD countries holds steady at 8.6%

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today reported the number of unemployed in the 33-member OECD countries stood at 45.8 million in November. The figure was down 0.3 million from November 2009 but almost 16 million higher than in November 2007. The unemployment rate held steady at 8.6% in [...]

January 11, 2011 | 0 Comments More
OECD confident for euro zone’s future

OECD confident for euro zone’s future

As more doom and gloom surrounds the euro zone economy, the Organisation for Economic Cooperation and Development (OECD) has today issued a positive statement and suggested that “the euro as a currency has a long life, it is alive, well and kicking”. Fears have been raised that the 16-nation euro currency will fail in the [...]

November 25, 2010 | 0 Comments More
OECD cuts UK economic growth

OECD cuts UK economic growth

Influential think tank, the Organisation for Economic Co-operation and Development (OECD) has today revised its growth for the UK economy, as a result of the Coalition Government’s austerity measures, designed to bring down the budget deficit. However, the revision comes as no surprise as experts have been predicting that the harsh spending cuts will undoubtedly [...]

November 18, 2010 | 0 Comments More
South Korea leaves interest rates on hold

South Korea leaves interest rates on hold

The Bank of Korea (BoK) has today opted to leave interest rates on hold at 2.25% - for the third consecutive month. The decision surprised many economists who had expected rates to be lifted to 2.5%. The central bank left interest rates at the record low 2% for 17 months following the global economic downturn [...]

October 14, 2010 | 0 Comments More
Unemployment in OECD countries hits 45.5m

Unemployment in OECD countries hits 45.5m

Influential think tank, the Organisation for Economic Co-operation and Development (OECD) has today said the number of unemployed in the 33-member OECD countries hit 45.5 million in August. The Paris-based organisation said the jobless rate in August for the area was 8.5%, falling from 8.6% in July. A statement from the Organisation noted that the [...]

October 12, 2010 | 0 Comments More
US housing starts jump, building permits up

US housing starts jump, building permits up

There was some good news from the US housing market today after the Commerce Department revealed housing starts jumped in August to a four-month high. According to the Commerce Department, construction of new US homes rose 10.5% last month to a seasonally adjusted annual rate of 598,000 units - beating analysts expectations of 550,000. In [...]

September 21, 2010 | 0 Comments More
Report concludes US recession lasted 18 months

Report concludes US recession lasted 18 months

A report by the National Bureau of Economic Research (NBER) has concluded the world’s largest economy exited recession in June 2009 - officially making it the most prolonged since World War II. The NBER said the recession began in 2007 and more than eight million jobs were lost during the slump. Despite the US emerging [...]

September 20, 2010 | 0 Comments More
Double-dip recession unlikely, says OECD

Double-dip recession unlikely, says OECD

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today said the global economic recovery is slowing faster and has therefore revised its growth forecast downwards for the G7 leading economies. However, the think tank has said a return to recession is unlikely but “great uncertainty” remains. It has therefore slightly revised [...]

September 9, 2010 | 0 Comments More
Think tank concerned for unemployment in rich economies

Think tank concerned for unemployment in rich economies

Economic think tank, the Organisation for Economic Co-operation and Development (OECD), has today said unemployment remains a concern in rich economies. In particular, the OECD has expressed concern for the UK economy, after the Government axed investment for job programmes. It believes the unemployment rate will hover around the 8% mark for at least the [...]

July 7, 2010 | 0 Comments More