GENEVA — Two days ahead of the G-20 economic crisis summit in London, the Organisation for Economic Co-operation & Development on Tuesday issued a dire outlook for world output, forecasting it will contract 2.7 percent this year and world trade volume will decline 13.2 percent.
“The bleak scenario is driven by the strong negative response of private global demand to a combination of the credit squeeze, negative wealth effects stemming from lower house and equity prices and a generalized loss of confidence,” said Klaus Schmidt-Hebbel, OECD chief economist.
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