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December 6, 2021

Growth in OECD region slows down

Growth of the Organisation for Economic Cooperation and Development (OECD) region, which accounts for over 60% of the global economy, declined to 0.4% in the last three months of 2010 as compared to 0.6% in the September quarter, 2010, business-standard.com informs. After registering good expansion in the first half of 2010, most of the European economies are seeing slow growth and rising unemployment. “Gross domestic product (GDP) in the OECD area grew by 0.4% in the fourth quarter of 2010, down from the 0.6% growth recorded in the previous quarter,” Paris-based OECD, a grouping of mostly developed nations, said in a statement yesterday.

OECD noted that slowdown in Japan partly reflected the “unwinding of stimulus measures to boost domestic demand”, whereas severe weather conditions adversely impacted the British economy. Earlier this week, official data had showed that German and French economies grew 0.4% and 0.3%, respectively, in the 2010 December quarter. The American economy rose 0.8% in last quarter of 2010 as compared to 0.6% expansion in the previous three months.

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