OECD Cuts Global Growth Estimates for 2005, 2006 on Oil, Europe

The Organization for Economic Cooperation and Development cut its estimate for global growth this year and next, citing rising energy costs and a deepening slowdown in Europe.

The Paris-based OECD expects expansion in its 30 member nations of 2.6 percent this year, down from its previous semi- annual forecast in November of 2.9 percent, and 2004’s 3.4 percent, it said on its Web site today. In 2006, growth will reach 2.8 percent instead of 3.1 percent. The OECD doesn’t include Brazil, China and India.