Euro Zone, Japan See Slowing Economic Growth While U.S., U.K. Report Gains

  on November 18 2013 8:14 AM
OECD July 2013 Moscow
Germany's Finance Minister Wolfgang Schaeuble, Britain's Chancellor of the Exchequer George Osborne, Russia's Finance Minister Anton Siluanov, Angel Gurria, secretary-general of the Organization for Economic Cooperation and Development (OECD), and France's Finance Minister Pierre Moscovici attend a news conference, part of the G-20 finance ministers and central bank governors' meeting, in Moscow, July 19, 2013. Reuters

Developed economies saw little change in third-quarter economic growth, as stagnant development in Japan and the euro zone offset gains made by the U.S. and U.K., according to a recent report from the Organization for Economic Cooperation and Development.

The OECD said that growth among its 34 developing-country member states increased by 0.5 percent from the second quarter, the same as the previous quarter, according to a story in the Wall Street Journal.

These statistics underline the fragility of the global recovery and the likelihood that central banks will continue with stimulating monetary policy.

The OECD will release new predictions for economic growth among its member states and many developing economies on Tuesday. Last month, the International Monetary Fund cut its forecast for world economic growth in 2013 to 2.9 percent, from 3.2 percent. The IMF expects output to rise 3.6 percent in 2014.

 

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