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OPEC cuts demand growth estimate

08/25/2008
By NINA RACH
In its August report, the Organization of Petroleum Exporting Countries reduced its 2008 estimate of global economic growth to 3.9%, down from 4% from the previous month and one percentage point lower than the same period in 2007. It lowered its 2009 estimate by 0.1 of a percentage point to 3.8%, due primarily to downward revisions in all major regions of the Organization for Economic Cooperation and Development.In contrast, the expected 2009 growth rate for developing countries was unchanged at 5.6%. India’s growth was revised up to 7.7% while China’s was unchanged at 9.2%. “US economic expansion next year is now projected at 1.3%, down 0.3 percentage points from the pr...
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