OECD Member Countries` Economy, 1 Percent Growth Rate This Year…the Worst in 19 Years

It was forecasted that the economy of the member countries of the Organization for Economic Co-Operation and Development (OECD) would mark the worst economic growth rate since 1982.

According to the revised report of the OECD economy prospect, obtained by the Financial Times in Britain on Thursday, the economic growth rate of the 30 member countries of the OECD would mark the average 1 percent this year, and 1.2 percent next year. It was 2 percent and 2.8 percent respectively in the draft, announced by the OECD in May.

The revised report of the OECD is the first report by the international financial organization, which considers the economic effect of the terrorist attacks in the U.S. last month.

Country-wise, it was forecasted that the economic growth rate of the U.S. would stop at 1.1 percent, and 1.3 percent next year. The OECD`s May report estimated that the U.S. would rapidly recover by marking 3 percent of economic growth rate next year.

According to the report, the economic growth rate of Japan would stop at 1 percent this year and next year, and some of the European countries, such as the U.K., France, and Italy, would show the lower economic growth next year than this year.

The IMF report, announced before the terrorist attacks in the U.S., anticipated that the world economy would mark 1.3 percent of the growth rate this year, and 2.1 percent next year.

mickey@donga.com