Global Economic Forecast
Poland and Australia are predicted to register the smallest drop of 0.4% in real GDP in 2009, while Estonia, Ireland and Mexico are predicted to register the largest real GDP declines of -13.9%, -9.8% and -8.0%, respectively. Among the large European economies, the German and Italian economies are predicted to register the largest declines of 6.1% and 5.5% in 2009. The UK economy is predicted to shrink 4.3% during the same period. The Japan economy is predicted to decline 6.8% while the US economy is predicted to shrink 2.8% in 2009. In 2010, Hungary, Ireland and Spain are predicted to perform the worst among the countries covered by the OECD forecast, with their economies continuing to decline at rates of 2.2%, 1.5% and 0.9%, respectively. Korea, Slovak Republic and Mexico are predicted to be the best performing economies in 2010, among the countries covered by the OECD forecast, registering growth rates of 3.5%, 3.1% and 2.8%, respectively. According to the OECD global economic forecast, all the large economies in Europe are predicted to register minor growth not exceeding 0.4%. The UK economy in fact is expected to remain stagnant registering 0% real GDP growth. The US economy is predicted to expand at an average annual rate of 0.9% in 2010.
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