OECD to cut growth estimates

THE Organisation for Economic Co-operation and Development plans to cut its growth estimates for this year and next because of weaker-than-expected economies in Japan and Europe, a draft of its half-yearly forecast showed.

The Paris-based OECD expects expansion in its 30 member nations of 2.8% this year, down from a November forecast of 2.9% and last May’s 3.3% prediction.

The preliminary figures were discussed at a technical meeting this week and may be changed in the final report to be released on May 24, an OECD spokesman said.