The world economy is reeling from a succession of blows which will cause growth to slow in 2008 to its lowest rate in five years, according to the Organisation for Economic Co-Operation and Development.

But the Paris-based think-tank said on Thursday that the world’s 30 wealthiest economies were in a good position to absorb much of the shock emanating from turmoil in the financial and housing markets and higher energy costs. They owed such resilience to buoyant world trade, high employment and recent high rates of corporate profitability, it said.