Thanks to nerdygroover for pointing out the bells and whistles.
- German 2013 GDP 0.7% from 0.4% forecast in May
- France +0.3% from -0.3%
- UK 1.5% from 0.8%
- Italy to remain flat at -1.8%
- US 1.7% from 1.9% forecast in May
- China 7.4% from 7.8%
Highlights from the report
- In the major advanced economies, a moderate recovery is set to continue
- Global financial conditions have tightened, creating difficulties for some emerging economies
- Growth has slowed in major emerging economies
Risks remain high
- Macroeconomic policy should continue to support demand
- Reforms to create jobs, boost growth and rebalance economies are needed
A moderate recovery in the advanced economies, but global growth is sluggish and risks remain
The pace of recovery in the major advanced economies improved in the second quarter and growth is expected to be maintained at a similar rate in the second half of the year. Activity is expanding at encouraging rates in North America, Japan and the United Kingdom, while the euro area as a whole is no longer in recession. In several major emerging economies, however, growth has slowed. While growth in China appears to have passed the trough, financial market turbulence – partly triggered by discussion of a tapering of quantitative easing in the United States – has highlighted difficulties facing a number of other emerging economies, especially those with large current account deficits. As emerging economies contributed strongly to economic dynamism in recent years, this slowdown makes for a continuation of sluggish global growth, notwithstanding the pick-up in advanced economies.
Full report can be found here.
Overall the OECD is confirming what we’ve already been seeing play out. The UK is progressing, Europe is showing tentative signs of a recovery, the US is going sideways, China and the EM’s are still sliding.
