OECD

Global recession from West to East

By Pr.Kamran Dadkhah, Senior Economist

There seems to be pessimism in the air regarding the economic prospects of the West and by extension the world. In its recent report, the Organization for Economic Co-operation and Development (OECD) revised downward its estimates of growth for many countries. It lowered the overall growth rate forecast of the Euro Zone for 2013 and 2014 each by 0.5 per cent. For the entire OECD, the forecast has been lowered by 0.6 per cent for 2013 and 0.2 per cent for 2014.