By Prensa Latina,
London : Europe is closer to the economic recession than the US, as reported by the Organization for Cooperation and Economic Development, which based its information on data on the world’s main markets and their perspectives.
The entity revised their predictions on the US economic growth for 2008 and found an increase on the US predictions but there was a decrease for the European Union predictions, especially the ones from Great Britain.
Estimates from OCED said the Group of the Seven (G-7) formed by Germany, Canada, France, Great Britain, Italy, US and Japan will keep on weakening at the end of 2008.
OCED said the world’s growth is still affecting markets, the real estate withdrawal and the lack of raw material.
For the European Union, predictions are still quite more discouraging, with an increase of 1.3 percent of the Gross Domestic Product this year, compared to 1.7 percent in 2007.
In the particular case of Great Britain OCED considers it will have a negative economic growth in the last two quarters of 2008, which corresponds to practically entering in an economic recession.
However, US registered an increase of its economic activity twice stronger than predicted, with 3.3 percent at annual level. This led economists to be moderate in their economic growth projections.
Now the OCED perspectives for the US reach 1.8 percent for the rest of 2008, compared to 1.2 percent in 2007.
The International Monetary Fund has been more pessimistic on the US economic growth prediction, but predicted an increase of 1.3 percent this year.
Regarding the EU, IMF coincided with OCED.