November 30, 2004 10:12 PM
Global Forecasts for 2005 Growth Are Reduced
Excerpt: The O.E.C.D., a Paris-based economic forum for 30 leading industrial nations, cut its forecast for growth in the United States in 2005 to a 3.3 percent annual rate from the 3.7 percent rate that it predicted six months ago.
Prospects for the global economy next year are growing dimmer as high oil prices hurt consumption and the unchecked rise in the United States trade deficit depresses the dollar, the Organization for Economic Cooperation and Development said Tuesday.
The O.E.C.D., a Paris-based economic forum for 30 leading industrial nations, cut its forecast for growth in the United States in 2005 to a 3.3 percent annual rate from the 3.7 percent rate that it predicted six months ago.
The group's report was even more downbeat on prospects for America's main trading partners. It warned that growth in the 12 nations that use the euro could slip to a mere 1.9 percent rate, more than half a percentage point below the 2.5 percent rate expected in May. Japan, despite a "spectacular comeback" this year, may experience growth of no more than 2.1 percent in 2005, the O.E.C.D. said.
Despite a year of record growth in world trade, Continental Europe is merely "plodding along," said the O.E.C.D.'s chief economist, Jean-Philippe Cotis. With internal demand weak and economic activity overly reliant on exports, little improvement is likely in Europe, and Germany in particular, without more stability in oil prices and the dollar, Mr. Cotis said. The dollar's decline hurts the profit of many companies when they convert export earnings.
READ FULL STORY ...
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No Longer Top Dollar? - Nov 26, 2004
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Is Another Recession Brewing? - Nov 25, 2004
Inflation Is Tame, Right? - Nov 24, 2004
The Dollar Is Down, But Should Anyone Care? - Nov 21, 2004
Bush Sets Plans To Revamp Taxes, Social Security - Nov 04, 2004
Oil Prices Rise Amid Concern Over Weather and Supplies - Aug 17, 2006
Prices Rise Only Slightly, Easing Fears About Inflation - Aug 14, 2006
Oil Climbs Above $51 a Barrel on Concerns About Supplies - Aug 08, 2006
Greenspan Says Entitlement Programs Need Reform - Feb 18, 2005
U.S. Trade Deficit Exceeds a Record $600 Billion - Feb 13, 2005
Long-Term Rates Down Since June - Feb 07, 2005
Trim Deficit? Only if Bush Uses Magic - Feb 07, 2005
China: No Yuan Timetable - Feb 06, 2005
Greenspan Says Trade Gap May Narrow - Feb 06, 2005
Greenspan Sees U.S. Trade Gap Stabilizing and Possibly Falling - Feb 06, 2005
If Yuan Moves, Will U.S. Rates Go Up? - Feb 04, 2005
Greenspan Sees Weak Dollar Easing Current-Account Gap - Feb 04, 2005
Economy Slowed in 4th Quarter, U.S. Report Says - Jan 31, 2005
Economy Slowed in 4th Quarter, U.S. Report Says - Jan 31, 2005
Federal Reserve Is Expected to Continue Raising Rates - Jan 31, 2005
Deficits May Be Wearing Thin at the Fed - Jan 25, 2005
U.S. Faces More Tensions Abroad as Dollar Slides - Jan 25, 2005
Oil Price Impact: Worse Than Feared? - Jan 23, 2005
The Effect of Rising Rates - Jan 17, 2005
A Chinese Revaluation May Not Help U.S. - Jan 15, 2005
For Unemployed, Wait for New Work Grows Longer - Jan 09, 2005
Behind the Bouncing Ball of Oil Prices - Jan 09, 2005
Jobs Picture Shows Some Signs of Life - Jan 08, 2005
Faster Rate Increases Coming? - Jan 04, 2005
Fed Minutes: Inflation Subdued, But... - Jan 04, 2005
China Pledges To Work On Yuan Reform - Jan 04, 2005
Fed Intends to Persist With Rate Increases - Jan 04, 2005
U.S. Economy Expected To Perform Well in 2005 - Jan 03, 2005
Women Are Gaining Ground on the Wage Front - Jan 01, 2005
Bush Vows To Maintain 'Strong' Dollar - Dec 26, 2004
Dollar Hits New Low Versus Euro - Dec 23, 2004
Leave No Truffle Behind? - Dec 23, 2004
Social Security Tax Limit May Go Up - Dec 20, 2004
U.S. Quiet on China Trade Tax - Dec 17, 2004
Fed Raises Interest Rates for 5th Time This Year - Dec 17, 2004
OPEC Considers Output Cut to Keep Prices From Falling - Dec 09, 2004
A Plan For U.S. Energy Security? - Dec 08, 2004
Fed Heading For A Pause - Dec 07, 2004
Social Security Reform = New Debt - Dec 06, 2004
Fed Sees Growth, Measured Rate Hikes - Dec 05, 2004
Weak Employment Rport Casts Doubts Over US Economic Strength - Dec 05, 2004
Fed: Inflation Not Setting Off Alarms - Dec 05, 2004
Balancing Act On The Buck - Dec 04, 2004
Job Growth Is Well Below Wall Street Forecasts - Dec 03, 2004
Fed Reports Growth In 11 Of 12 Regions - Dec 02, 2004
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Borrowing For Social Security Plan? - Nov 28, 2004
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Don't Worry ... Don't Be Happy - Nov 26, 2004
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Inflation Is Tame, Right? - Nov 24, 2004
The Dollar Is Down, But Should Anyone Care? - Nov 21, 2004
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