OECD Reduces Growth Outlook, Predicts 2011 ‘Soft Spot’

The Organization for Economic Cooperation and Development cut its global growth forecast for next year, predicting a “soft spot” as stimulus spending fades before investment spurs a revival in 2012.

The global economy will expand 4.2 percent next year instead of the 4.5 percent predicted in May, the Paris-based organization said today in its semi-annual Economic Outlook. Growth will recover to 4.6 percent in 2012, it said.

“We have a soft patch, yes, but we don’t think it’s going to last long,” OECD Secretary General Angel Gurria said in a Bloomberg Television interview from Paris. “We’re going to recover in the second half of 2011 and have a better 2012.”

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- Posted: 2010-11-18 08:37:50

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