OECD Sees Shrinking Eurozone Growth: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet Tuesday include the Organization for Economic Co-operation and Development after the group's semi-annual report indicated that Europe's debt crisis risks hurting the global economy.
Though the report highlighted economic, fiscal and financial problems in the euro area, the OECD maintained its 2012 growth forecast for the group at 1.6% as an improving U.S. economy offset the eurozone. The OECD said gross domestic product in the euro region will shrink 0.1% this year, compared to its previous forecast of expanding 0.2%. It forecast GDP will expand in the region 0.9% in 2013, compared to its prior estimate of expanding 1.4%.
The OECD indicated it believes there is room for further monetary easing and encouraged the European Central Bank to be ready to buy government bonds in the secondary market if necessary.
The report comes ahead of of a meeting between European Union leaders in Brussels Wednesday, where leaders will tackle issues including Greek voters' rejection of austerity measures and how to drive growth.
SpaceX is trending as the company launched a Falcon 9 rocket from Cape Canaveral, Fla., at 3:44 a.m. EDT Tuesday.
The rocket is headed for the International Space Station, where it intends to dock its Dragon capsule, delivering supplies to the station on May 25. If it docks at the station as scheduled, it will be the first commercial vehicle to do so.
The capsule is scheduled to orbit for the first 24 hours, catching up to the station. It will perform a fly-by to run tests on May 24 and then attempt to dock on May 25.
Tuesday was the second time SpaceX attempted to launch the rocket, after several delays in rescheduling. On May 19, the launch was called off with only half a second left in the countdown due to an engine-related issue.
If the mission is successful, it could lead to more private or commercial-based space companies taking over where the federal government left off when it retired its shuttle fleet last year.
Virgin Mobile is another popular search after revealing its newest wireless plan, targeting those customers who are looking for simpler devices.