BizKnowledge Watch

(CC) Alejandro Amador/Flickr

Spain is the second worst affected OECD member economy by the crisis, according to the organization’s report “Going for Growth 2010.” The only member country to suffer a worse prognosis than Spain, which saw its potential GDP growth drop by 10.6%, was Ireland. The average fall in expected economic growth for OECD member countries was just over 3 percent, while negative impacts of 2.4% and 2.9%, respectively, were forecast for the United States and the United Kingdom.

The study’s authors predicted that the organization’s 30 member economies, which grew at an average annual rate of 2-2.25% during the 7 years preceding the crisis, would see much more modest growth of around 1.75 % in the foreseeable future. In 2009, in the wake of the credit crunch, the OECD member economies recorded an average negative growth of 4%.

For more information, consult the OECD’s website.

This entry was posted on Friday, March 12th, 2010 at 7:01 am and is filed under Economics & Statistics. You can subscribe via RSS 2.0 feed to this post's comments. You can comment below, or link to this permanent URL from your own site. Your comments will appear immediately, but I reserve the right to delete innapropriate comments.