US teeters on recession, eurozone could weather crisis : OECD

[flashl]

Source: AFP

PARIS (AFP) - The US economy is teetering on the brink of recession but the eurozone economy could pull through the global financial crisis without special measures, the OECD said on Thursday

The organisation slashed US growth prospects in the first half of this year, saying the latest data "suggest that the US economy is now essentially moving sideways, if not contracting outright."


US output was now expected to grow by 0.1 percent in the first quarter, a sharp reduction from 0.3 percent estimated in December, and to show zero growth in the second quarter, a sudden halt compared with 0.4 percent estimated previously.

However, chief OECD economist Jorgen Elmeskov said of US growth "it may be premature to declare a recession," in remarks that also implied concern about a risk of stagflation.

Read more: http://news.yahoo.com/s/afp/20080320/bs_afp/oecdeconomygrowthforecastfinance_080320102203

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'We' are sideways, but maybe not recession?

[Doctor_J]

1. Comebine the miniscule growth with 5% inflation and the recession

is already here, numbnuts. God, I hate these people.

[Andy Canuck]

2. Teeters?

If it is teetering, I'd hate to know what plummeting head first into economic collapse looks like. I can never deny the optimism of the USA!

[Javaman]

3. It's only teetering untill the rich get their money out, then it will

be the full on plunge...at least that's how the MSM wants to play it.

[Speciesamused]

4. We have been there done that ...

We are now heading for a depression.
the actual number of people unemployed/underemployed
is mind numbing and the worst is yet to come. I am
one of these people. At this rate, Americans are truly
destined to become the next boat people; rowing
themselves overseas to find a job. Soon theres not
gonna be any Summer of Peace and Love free-loading going on;
not anywhere. There will be no buffets at bars/bistros to get
free eats at. All you will have is what you have when it all
comes down. Food is going ballistic as we speak. Peace:donut: