EUROPE CYPHONS MORE FROM WORLD’S GLOBAL ECONOMY

The European debt crisis is pushing the continent into recession and dragging down the global economy, according to a forecast released Thursday by the Organization for Economic Cooperation and Development.

Growth in the world’s seven major industrialized economies is expected to slow to just 0.3% in the third quarter of this year, and 1.1% in the fourth quarter, the group said.

Deep problems in Europe are driving that slowdown, with the Eurozone’s three largest economies — Germany, France and Italy — forecast to contract a combined 1% in the third quarter and 0.7% in the fourth quarter.

Of course the European Central Bank siezed the opportunity to release another round of bond buying. (Yawn!)

Slightly on the up: The OECD forecast the U.S. economy to grow faster than that of any of the other Group of 7 major industrialized nations, which includes Japan, Germany, France, Italy, Canada and Britain.

~Posted by Horiwoodblog, Aotearoa New Zealand, Polynesia Asia-Pacific. 7.9.12~