World Watch

TREADING CAREFULLY: A child swam through a waterlogged stretch of Chennai, India, during heavy rains that lashed parts of the city after the India Meteorological Department warned that a cyclone on the Bay of Bengal coast was likely to make landfall on Monday evening. PHOTO: ARUN SANKAR K./ASSOCIATED PRESS
Nov. 9, 2015 1:04 p.m. ET
Leading Economies Bolster Growth
The Organization for Economic Cooperation and Development said lower oil prices and falling unemployment will bolster growth in the 34-member group of developed nations, helping to offset the impact of a slowdown in emerging economies.
OECD(The Organization for Economic Cooperation and Development:経済協力・開発機構)は低い石油価格と失業率の低下は34の先進国での成長を支え、新興国経済の減速の影響を緩和するに役立っていると述べた。
The forecasts underscore how the U.S. in particular is expected to remain an island of stability within the global economy, shrugging off an anemic recovery in Europe, weak growth in Japan and turmoil in China and other developing nations.
In its semiannual economic forecasts, the OECD said growth in the U.S. would continue to be among the most robust in the group of nations, hitting 2.4% in 2017. It predicted the 19-nation eurozone would continue to lag behind the U.S., with growth at 1.5% this year, 1.8% next year and 1.9% in 2017.
The forecasts also warn about stagnating levels of global trade. Developed countries were responsible for the slowdown in 2012 and 2013. Now, reduced imports and exports of China are the main reason for the trend, the OECD said.
—Matthew Dalton
Government to Raise Tourism Target
The Japanese government started discussions to raise the number of visitors it aims to attract over the next few years, with the current goal likely to be reached earlier than expected.
The government had been aiming to increase the number of foreign tourists to the country to 20 million in 2020. Now, based on current trends, Japan is likely to get close to that number this year and possibly pass it. In the first nine months of the year, the nation recorded 14.5 million foreign visitors. “The 20 million mark is only a stop along the way,” Prime Minister Shinzo Abe said on Monday.
The government has said the cheaper yen, the easing of visa requirements and more people with disposable income in Asia are among the reasons for the increase.
“We need to set a new goal” and continue promoting tourism in Japan, Chief Cabinet Secretary Yoshihide Suga said.
He said attendees at Monday’s meeting said the country has the potential to attract as many tourists as some destinations in Europe do, but the government must improve airport capacity and other infrastructure.
The panel of experts is set to propose specific measures by March, the prime minister’s office said.
—Jun Hongo
Opposition Wins Parliamentary Vote
Croatia’s conservative opposition has won the Balkan country’s first parliamentary election since joining the European Union in 2013, but without enough votes to rule alone and with tough government negotiations looming.
The state electoral commission said Monday that with 99% of the vote counted, the conservatives, led by former intelligence chief Tomislav Karamarko, won 59 seats in the 151-seat parliament. The ruling Social Democrats, led by incumbent Prime Minister Zoran Milanovic, got 56 seats.
The result means both blocs have failed to win an outright majority and the forming of a new government will depend on several small parties that entered parliament.
The kingmaker will be the third-placed party, Most, or Bridge, with 19 seats.
Mr. Milanovic called on Most leaders to start negotiations on the forming of a new government.
Before the election, Most leaders pledged they wouldn’t enter a coalition government with any of the big parties, but may give them support in Parliament if they offer to carry out radical political, social and economic overhauls.
—Associated Press
Industrial Production Seen Moderating
India’s industrial output growth is expected to have moderated from a near-three-year high in September although stronger consumer demand ahead of the country’s main festival season may have boosted production.
The Index of Industrial Production, which measures the output of factories, mines and utilities, likely rose 5% from a year earlier, according to the median estimate in a poll of 11 economists by The Wall Street Journal.
That is slower than the 6.4% expansion in August, which was the highest since October 2012.
Domestic demand typically rises ahead of India’s main festival season. Many Indians prefer to make big purchases, including cars and real estate, during the annual festivities that began in October this year. Manufacturers usually ramp up production anticipating a rise in demand.
The government is scheduled to announce the data on Thursday.