The economies of thirty nations are expected to shrink in 2009, according the head of an international group focused on sustainable economic growth.
The Organization for Economic Cooperation and Development expects growth in the 30-nation OECD area to be 'very negative' in 2009, its secretary-general, Angel Gurria, said March 20.
Speaking in Beijing, Mexican-born Gurria said that the OECD nevertheless expected China's economy to grow by 6 to 7 percent this year. "Now we are probably seeing a world which will go negative because even the positive growth of India and China is not going to be enough to offset the negative growth in (developed countries)," Gurria told reporters.
Earlier this week, the World Bank released a new forecast for the Chinese economy, reducing its growth prediction for 2009 to 6.5 percent from 7.5 percent. China's economy grew 9 percent in 2008, according to the government, but that figure was down from 13 percent in 2007.
Gurria added that firm estimates about growth in the individual OECD member countries would be released soon.
Although India and China are not members of OECD, its membership includes France, Germany, Japan, the UK, the United States and 25 other countries.