OECD: Developed world in recession
LONDON (AP) — A leading international economic organization says the world’s developed economies are in recession and are likely to contract next year.
The Paris-based Organization for Economic Cooperation and Development says gross domestic product is likely to decline by 0.3 percent in 2009 in its 30 member countries, with the U.S. contracting by 0.9 percent, Japan by 0.1 percent and the euro currency area by 0.5 percent.
The latest forecasts represent a sharp downgrade since the last one in June, when the organization forecast member country growth of 1.7 percent in 2009 and indicated that the worst of the financial crisis may have passed.
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