Last week the International Monetary Fund came out with evidence of a rapid slowdown in the global economy. Now its the turn of the OECD, an organisation made up of the thirty most developed nations. Its latest six monthly assessment notes an unexpectedly sharp deterioration in economic conditions compared with its previous report last November. The OECD predicts the rate of growth in rich economies this year will be half last year's level. It says the slowdown in US based manufacturing industry is having a big impact on world trade - with particularly serious consequences for Canada, Mexico, Japan and emerging economies in Asia, such as South Korea.

evidence - proof

rapid slowdown - very fast decrease

global - world-wide

unexpectedly sharp deterioration - a fast worsening which was not anticipated

predicts - if you predict something you make uneducated guess about something which may or may not happen in the future

manufacturing industry - companies which make or produce goods

impact - effect

serious consequences - strong effects

The OECD has more than halved its prediction for growth in Japan to little more than one percent this year, but like other forecasting bodies it's relatively optimistic about the outlook for Europe. In fact the whole tenor of the OECD's report is less gloomy than other recent assessments. It expects the US economy to start recovering by the end of the year, and for growth throughout the OECD area to rebound to 2.8 percent next year, assisted by lower interest rates and falling oil prices.

forecasting bodies - organisations which make predictions

optimistic - if you are optimistic about something you take a positive view of it

tenor - character, feeling

gloomy - depressing, negative

rebound - return to a higher position after having been lower