Monday, 28 November 2011

World economic forecasts: The idle rich | The Economist

The idle rich

Nov 28th 2011, 16:08 by The Economist online

OECD countries, weighed down by debt, will fail to pull their weight

THE OECD, a rich-country think-tank, issued its latest round of economic projections for its member countries and other important emerging markets on November 28th. Its baseline scenario involves a mild recession in Europe and a slowdown across the rest of the rich world. Euro-area GDP growth is expected to fall from 1.6% this year to 0.2% in 2012. Meanwhile America's economy is expected to register a healthier 2%. Taken as a whole, the 34 countries that make up the OECD account for around two-thirds of global GDP, but the OECD expects its members to contribute just 28% to quarterly world GDP growth on average between 2012 and 2013.