OECD has Revised Down World GDP Growth Forecast

OECD in its Economic Outlook No 94 has revised short-term GDP growth forecast on 2014. As a result, GDP growth forecast of 54% of countries under review (23 of 42) has been decreased as well as the world average forecast which reduced by 0.4% from 4.02% to 3.62%. The most dramatic decrease in forecasted value of GDP growth has been made over India: forecast has been slumped by 1.66% from its last forecast of 6.39%. So, now India is expected to grow by 4.73% in 2014. Among other leaders of down-revision are Estonia, Brazil, South Africa and Russian Federation showing that OECD is pessimistic over developing economies' future growth. On the other hand, developed economies such as United Kingdom, France, Switzerland, Japan and United States are expected to grow faster than it was predicted before. All in all, it seems that developing world is expected to slow down, while developed countries are expected to recover steadily.

Sources: OECD Economic Outlook No 93, June 2013 (X-Axis); OECD Economic Outlook No 94, November 2013 (Y Axis).