U.S. Economy To Grow Just A Tad Bit In 2008
The Organization for Economic Cooperation and Development, also known as OECD has warned the U.S. economy is on the verge of a recession. (BBC News).
Nothing new there. Alan Greenspan has said that as well and for some time - since the overheating Chinese economy began weighing on stock exchanges there.
Coming to the point, the OECD cites that the U.S. economy is slated to grow very little if it grows at all in the first six months of this year. And that's the bad news for Ben Bernanke and his colleagues at the Fed.
The good news? The OECD continues to opine that its a tad bit too early to say that the U.S. economy is undergoing a recession.
According to the research group, "(the US economy is) essentially moving sideways, if not contracting outright," quotes a report by BBC News. The OECD is a representative body of 30 most advanced industrial nations.
The OECD forecasts the U.S. economy will grow a slight 0.1 percent in the first quarter as opposed to the earlier forecast of a 0.3 percent growth.
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