For the last year and a half we have seen a worsening of forecasts of growth for most countries around the world. As we discussed in an earlier post, forecasts for GDP growth for 2009 had been revised downwards every single quarter starting in 2007Q4 until 2009Q1. Since then we have seen that these forecasts are becoming more stable and in the recent update by the OECD of their economic outlook we now see forecasts for the third quarter of 2009 being revised upwards - in some cases significantly. For example, the forecast for Germany was close to zero in June and it is now being revised to more than 4% (this are annualized growth rates). Below is a picture from this report.