World economies head towards meltdown - papers 19 October

The OECD has revealed its latest forecast for the world's 30 largest economies, and it does not make for nice reading says the FT today. The organisation's estimates for overall global growth has fallen from some 2% to 1% or less for this year, with barely any recovery forecast for 2002, when the global economy is now only expected to add 1.2% in value. Any significant recovery is also being pushed further ahead into the future, with respite only coming sometime midway through next year, and perhaps not until the third or even fourth quarters. Particularly worrying are the prospec...