Salient to Investors:

The OECD said:

  • Germany will expand 0.7 percent in 2013 versus 0.4 percent predicted in May
  • France will grow 0.3 percent in 2013 versus shrinking previously predicted of 0.3 percent
  • The UK will grow 1.5 percent in 2013 versus 0.8 percent predicted in May.
  • In the euro area, re-balancing remains incomplete with weak domestic demand in high debt countries having been offset by stronger exports only to a limited extent. Supportive monetary policy must be continued, with further monetary easing should the recovery were to fail to take hold.
  • Italy will shrink 1.8 percent in 2013.
  • The US will expand 1.7 percent in 2013, down from 1.9 percent predicted in May
  • China will grow 7.4 percent in 2013, down from 7.8 percent previously predicted. China has seemingly passed the trough and looks set to recover further in half2 2013
  • In a number of other emerging economies, recent financial market tensions and weak momentum suggest both a reappraisal of trend growth and deterioration in cyclical conditions.

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