OECD: China's economy to grow less than 6.5%

The Organization for Economic Cooperation and Development (OECD) will cut its 2009 economic growth projection for China to below 6.5%, the Wall Street Journal reported. The OECD’s previous forecast, made in November, was 8%, but Richard Herd, the organization’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% from 7.5%. 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% growth in the first quarter, down from 6.8% in the fourth quarter of 2008. Growth may reach 8% in the fourth quarter of 2009.