Financial crisis to hit GDP, group says
Tuesday, October 14, 2008 2:03 PM

The current financial crisis could exact a toll on the world's gross domestic product, an international business group in Belgium said.

In a statement released Tuesday, the Global Chamber Platform, representing regional and national chambers of commerce from Asia, Europe, the United States and Africa, said next year's global gross domestic product will rise "at least 5 percent." Global unemployment is expected to reach 6 percent next year, the group said.

"At the same time, the current financial crisis could 'cost' 2 percent of the world's GDP and at least 1 million jobs," the groups said.

A recent survey conducted by Eurochambres indicated "the current financial crisis as the main threat to global growth."

The international group predicted the price of oil would "stabilize around $100" a barrel next year.

The GCP called for "increased flexibility of labor markets" and reaffirmed their commitment to free trade and open markets "despite the obstacles caused by the financial crisis," the statement said.

"As entrepreneurs, we need to be positive and look for solutions out of this crisis," GCP Chairman Christoph Leitl said.

(Source: UPI )

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