Brasília – The Organisation for Economic Co-operation and Development (OECD) disclosed today (05) a report showing that there is a tendency for growth of the economies of the group of most industrialized nations in the world, the G7. The list includes France, Germany, Italy, Japan, United Kingdom and the United States. But there is a waring regarding Japan: the earthquake and tsunami that took place last year may affect perspectives.
The OECD calculates that the economic growth in the economies of the G7, except for Japan, may reach an annualized average of 3% in the first half of 2011. "Growth perspectives are higher throughout the OECD area and the recovery is becoming self-sustained," said the head of the organisation’s offices, Carlo Padoan.
The challenges of the G7, according to the OECD, involve high unemployment rates that are still 2 percentage points above the level prior to the global crisis. There is also a warning regarding instability in the Middle East and North Africa, associated with greater prices of fuels, affecting the economies of some industrialized nations.
As positive aspects, the report states that according to specialists, the balance sheets presented by enterprises operating in the G7 areas are "healthy," stimulating economic growth through private investment. There is a trend of creation of jobs and of a favourable impact on private consumption.
The Japanese situation is regarded as an exception. Hit by an earthquake followed by a tsunami on the 11th this month, Japan is experiencing a delicate political, economic and social moment. The latest figures disclosed by Japanese authorities indicate that the events have left 12,157 dead and 15,496 missing. To the OECD, recovery of investment in Japan may be slower than believed prior to the catastrophe.
Out of caution, however, the OECD specialists believe it is still early to make forecasts regarding the recovery of Japan. The document published today contains no perspectives on the country, and the region is rated as an exception amidst G7 countries.
According to early estimates by the Japanese authorities, losses have been equivalent to 3.3% to 5.2% of the annual GDP. Based on an initial projection, economic growth in Japan may be reduced by 0.2% to 0.6% (non-annualized) in the first quarter and by 0.5% to 1.4% in the second quarter.
*Translated by Mark Ament and Gabriel Pomerancblum
