OECD slashes global growth forecasts

OECD slashes global growth forecasts

The OECD has cut its growth forecast for Turkey from 4.1 percent to 3.1 percent along with slashing the forecasts for the world’s most advanced economies, except Japan, but said growth should pick up later this year.

In its twice-yearly Economic Outlook, the Organisation for Economic Cooperation and Development forecast the Turkey would grew this year 3.1 percent but with a robust in the meantime the economy will grow by 4.6 percent in 2014.

Turkey’s growth rate exected to be just as the same as world economy which is also foreseen grow 3.1 percent this year before accelerating to 4 percent in 2014.

The most harsh news came for Europe as the leading international body warned the recession in Europe risks threatening the world’s economic recovery.

OECD said that protracted economic weakness in Europe “could evolve into stagnation with negative implications for the global economy.”The OECD again said it will shrink by 0.6 percent this year.

Complied from Agence France-Presse and Associated Press stories by the Daily News staff.