The economy of the member states of the Organization for Economic Cooperation and Development contracted the most on record in the fourth quarter as the global crisis hit investments and consumption.
Gross domestic product in the OECD area fell 1.5 percent from the previous three months, the largest decline since the series began in 1960, the Paris-based organization said in an e- mailed statement today. GDP contracted 0.2 percent in the third quarter from the second.
With consumers and companies unable to secure credit for purchases and investments, sales of cars and machinery are declining, forcing producers across the globe to reduce their workforces.
Wednesday, February 18, 2009
OECD Economies Shrink Most on Record