IEA trims world economic growth forecastsJuly 12, 2012 - 14:28 AMT PanARMENIAN.Net - The International Energy Agency has trimmed its world economic growth forecasts for this year and next year, citing a weaker outlook for China and the United States, AFP reports. An "exceptionally challenging macroeconomic backdrop" over the past two months had forced the IEA to cut its estimates, it said, to 3.3 percent this year from the previous 3.5 percent. In terms of oil demand, the IEA left its 2012 growth forecast at around 800,000 barrels per day (bpd) to around 89.9 million bpd, with 2013 gaining a "relatively muted" 1.0 mbd to 90.9 mbpd, led by Asia. Prices are expected to fall a further 7.0 percent next year, which should marginally support demand, it added. For 2013, the global economy should grow 3.8 percent, down from a 4.1-percent estimate based on April figures from the International Monetary Fund, the IEA said. "Concerns are mounting on the sustainability of the eurozone, there has been a definite easing in China's economic impetus and the US outlook has weakened," the International Energy Agency said in its latest monthly report. "Ongoing debt concerns across the developed world will likely see associated austerity measures curtailing government, business and consumer expenditure levels alike," it said. The IMF is expected to issue new economic growth forecasts shortly. The IEA is a branch of the Organization for Economic Cooperation and Development which also produces closely watched growth forecasts. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | U.S. warns Georgia not to side with Moscow against the west Georgia has been warned by the U.S. not to become an adversary of the west by falling back in line with Moscow. Power of One Dram sums up two-year program with Teach for Armenia Idram Junior also joined the companies during the visit, bringing with it a fascinating intellectual game for children Moscow slams EU mission in Armenia for “provocative activity” The EU mission is doing more and more against Armenia’s neighbors Russia, Azerbaijan and Iran, Mikhail Galuzin said. Yerevan Mayor to travel to Paris on May 15-19 The official delegation headed by Yerevan Mayor Tigran Avinyan will travel to Paris from May 15 to 19. |