OECD Predicts Global Economy Will Hit 3% Growth by 2003

18 January 2002

Global think-tank, the Organization for Economic Cooperation and Development, forecast Thursday that the world economy is on course for a strong recovery starting in the second quarter of 2002. Global gross domestic product growth would be just 1% this year before rising to 3% in 2003.

Whilst admitting concerns that economic performance could fail to meet targets issued in November, the OECD's chief economist Ignazio Visco believes that problems such as Argentina’s financial crisis not serious enough to threaten global economic stability.

The US economy is recovering faster than expected in the wake of the September 11 attacks, opined Visco, who believes that the present level of US interest rates is at a “sufficient” level to pull the world’s largest economy out of crisis.

News source: BBC Online Business News (UK)