OECD cuts the forecast of UK GDP growth

What is the near-term global economic outlook? An interim assessment

  • UK 2012: -0.7%. UK Q4 2012: 0.2%
  • Germany 2012: 0.8%
  • France 2012: 0.1%
  • Italy 2012: -2.4%
  • G7 2012: 1.4%
  • United States 2012: 2.3%
  • Japan 2012: 2.2%
  • The global economy has weakened since spring, led by developments in the euro area where recession is again taking hold
  • According to forward-looking indicators, the loss of momentum at the G7 level may persist through the latter half of this year, with the recession in the euro area and associated trade and confidence headwinds enduring
  • With the euro area crisis still the most important risk for the global economy, further policy action is needed to instil more confidence in the monetary union
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