OECD cuts UK and Eurozone Growth Forecasts

The OECD has again cut its growth forecasts for the eurozone and called on the European Central Bank to consider doing more to boost growth.

The organisation says the eurozone will shrink by 0.6% this year, widening the gap between it and faster-growing economies such as the US and Japan.

The UK forecast was revised down to 0.8% growth this year and 1.5% in 2014.

Meanwhile, the European Commission has given France two more years to complete its austerity programme.

France fell back into recession in the first three months of the year.

Spain, Poland, Portugal, the Netherlands and Slovenia have also been given more time to complete fiscal tightening.

The move suggests a shift away from a focus on austerity in Europe.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza