Advertisement

OECD says recession nearing an end

PARIS, June 24 (UPI) -- The Organization for Economic Co-operation and Development in Paris said the recession was approaching a "weak and fragile" recovery in developed nations.

"Recovery is likely to be weak and fragile, and the economic and social change caused by the crisis will be long-lasting," the OECD said in its semiannual economic forecast, released Wednesday. The report upgraded the U.S. economic forecast, from a previous prediction of a 4 percent decline in 2009 to a decline of 2.8 percent.

Advertisement

The Chinese economy is expected to grow 7.7 percent this year. In Japan, a 6.8 percent contraction this year is expected to return to growth of 0.7 percent for 2010.

Canada's economy, after falling 2.6 percent in 2009, was also expected to grow 0.7 percent next year.

In the euro zone, output was expected to fall 4 percent in 2009 and hold steady in 2010.

A contraction of 6.8 percent in Russia in 2009 was expected to build to 4 percent growth in 2010. A drop of 0.8 percent in Brazil this year was expected to turn around to 4.0 percent growth next year.

India's economy was expected to grow 5.9 percent this year and 7.2 percent in 2010.

Advertisement

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement