Economic growth in developed economies almost ground to a halt in the last three months of 2011, with the U.S. driving what growth there was, according to the Organisation for Economic Co-operation and Development (OECD)
Gross domestic product (GDP) in the 34 economies in the OECD, including the U.S., Germany, Japan and the UK, grew by just 0.1 percent in the last quarter from the previous one. It rose 1.3 percent from the same time a year earlier – the slowest rate of growth in two years.
This despite the concerted efforts of global central bankers including the European Central Bank, the Bank of Japan and the Federal Reserve to flood the banking system with more liquidity in recent months.
More austerity cuts in the Eurozone as well as State and local governments in the US will accentuate already slumping growth. See: Recession looms as growth slows in developed countries. Here is the latest data for each country (chart: Simon Hunt Strategic Services)