OECD economies contract by 0.2% in last months of 2012February 19, 2013 - 21:41 AMT PanARMENIAN.Net - The economies of the Organization for Economic Co-operation and Development (OECD) contracted by 0.2% in the last three months of 2012, BBC News reported. It was the first such decline for this group of mainly rich countries since the beginning of 2009. The eurozone was the biggest factor, with a 0.6% contraction. Japan and the UK shrank too and the U.S. saw no growth. The OECD's figures highlight the continuing weakness that has afflicted the developed world. At no stage since the financial crisis have developed economies grown very strongly. It has never been a convincing recovery. But the figures for the final quarter of last year actually show a decline for the first time in nearly four years for the OECD as a whole - which is nearly all the rich countries and a few of the more developed emerging economies. The data refer to the final three months of last year. There have been some more positive developments since then. In Europe, some business surveys have suggested improving confidence. Individual country figures have already been published - and are, it should be said, subject to revision. What the OECD's compilation shows is the persistence and extent of the post-crisis malaise. 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 | Russia provides info about arrested Armenian ex-MP Russian law enforcement agencies have provided information about the arrest of Tigran Urikhanyan. Lemkin Institue slams Pashinyan's “cryptic engagement with Genocide denial” The Lemkin Institute is alarmed over Pashinyan’s statements “questioning Armenia's legal basis to pursue justice against Turkey”. 41 detained as antigovernment protests continue in Yerevan 41 people were detained in Yerevan as people demanding Pashinian’s resignation stage campaigns of civil disobedience. Armenia votes for UN resolution granting Palestine new rights The U.N. General Assembly voted by a wide margin on May 10 to grant new “rights and privileges” to Palestine. |