The Organisation for Economic Cooperation and Development (OECD) will cut its 2009 economic growth projection for China to below 6.5 per cent, the Wall Street Journal reported. The OECD’s previous forecast, made in November, was 8 per cent, but Richard Herd, the organisation’s chief economist, said it was unlikely China will achieve this goal. Last week, the World Bank revised its projection for China’s GDP growth to 6.5 per cent from 7.5 per cent. Herd said the OECD’s revised figure, which is to be issued in a report at the end of March, would be lower than the World Bank’s projection. According to the OECD, China is likely to see 6.3 per cent growth in the first quarter, down from 6.8 per cent in the fourth quarter of 2008. Growth may reach 8 per cent in the fourth quarter of 2009.
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