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Oecd sees eurozone crisis could derail global recovery by efwegbe erergeer
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Oecd sees eurozone crisis could derail global recovery |
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Business,Business News,Business Opportunities
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The global economy has embarked on a fragile recovery, which mightbe derailed by the crisis hovering over the eurozone, warned theOrganization for Economic Co-operation and Development (OECD) onTuesday. In its latest economic outlook, the Paris-based organizationpointed out that regions have been recovering at different speedworldwide, with the United States and Japan taking lead over thesluggish euro area, while large emerging economies saw a moderateupswing. Gross Domestic Product (GDP) growth across the OECD is projected toslow from an annual rate of 1.8 percent in 2011 to 1.6 percent in2012, before recovering to 2.2 percent in 2013, according to theoutlook. Meanwhile, the organization forecast a mild recession in theeurozone this year, with GDP growth rate declined by 0.1 percentbefore rebound to 0.9 percent in 2013.
"The crisis in the euro zone remains the single biggest downsiderisk facing the global outlook," said OECD chief economist PierCarlo Padoan. "We need a euro area compact with 3 main goals: to avoid downsidescenario, create sustained growth, build or rebuild monetary union... ," Padoan told a press conference at the launching of thebiannual report. The report found that business and household confidence is risingin the United States, flat in Japan, but weak or even falling inEurope where financial markets are tight and the adverse impacts offiscal consolidation on near-term growth may be significant,particularly in countries hardest hit by the euro crisis. Similar trends were seen in labor markets, as unemployment isedging down in the United States, but rising in Europe, said thereport.
A downside scenario may materialize and spill over outside the euroarea with very serious consequences for the global economy, theOECD warned. "The global economic outlook is still cloudy," said OECDSecretary-General Angel Gurria, adding that "the global economicrecovery is weak, considerable downside risks remain and sizeableimbalances remain to be addressed." "We need decisive policy action now," the OECD chief stressed,urging government leaders to find new approaches to pave ways foreconomic growth by "go structural, go social, go green" to fosteran inclusive society and promote social equity as "these structuralreforms are not only good at creating growth, they can help addressthe problem of income inequality." The OECD offered its menus on stimulating growth to leadersattending a European Union summit in Brussels on May 23 whichinclude comprehensive structural reforms in areas such aseducation, innovation, competition and green growth. I am an expert from Toys, usually analyzes all kind of industries situation, such as wooden craft kits , perpetual motion toys.
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