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OECD cuts India, world growth estimates

business Updated: May 29, 2013 21:05 IST
Hindustan Times
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The recession-hit euro zone will fall further behind a generally improving United States and a rebounding Japan this year, the OECD said on Wednesday, cutting its global growth forecasts.

In its twice-yearly Economic Outlook, the Organisation for Economic Cooperation and Development forecast the world economy would grow 3.1% this year before accelerating to 4% in 2014.

India, Asia’s third-largest economy, is likely to grow 5.3% in 2013, the OECD said, lower than the November forecast of 5.9%.

The US was seen driving global growth with the world’s biggest economy projected to expand 1.9% this year and then accelerating to 2.8% in 2014.

In contrast, the euro zone was estimated to remain in recession for a second year. The OECD sees its economy contracting 0.6% in 2013.