Economic Analysts Suggests Rates Cut; ECONOMICS
The OECD yesterday reduced its forecast for US economic growth and recommended a rapid cut in interest rates to limit the fallout from a housing and mortgage market slump that has sparked global financial market turmoil.
In an update to its economic forecasts for major industrial nations, the Paris-based Organisation for Economic Co-operation and Development it was impossible at present to evaluate the potential wider damage from the direct impact of a sharp downturn in US housing and a defaults crisis in the sub-prime mortgage market there.
"Downside risks have become more ominous," the OECD's chief economist, Jean-Philippe Cotis, said.
The OECD was not …
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Publication information:
Article title: Economic Analysts Suggests Rates Cut; ECONOMICS.
Contributors: Not available.
Newspaper title: The Birmingham Post (England).
Publication date: September 6, 2007.
Page number: 22.
© 2009 Birmingham Post & Mail Ltd.
COPYRIGHT 2007 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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