OECD says that economies will pick up

By Administrator |

The latest Organisation for Economic Co-operation and Development (OECD) economic outlook is predicting growth and recovery in nearly all of the world's regions next year, after doubling its growth forecast to 1.9% for next year,

from its previous prediction of 0.7%.

But the OECD report covering its 30-member countries says the recovery is unlikely to be a smooth one, with 'substantial headwinds' likely told growth back to modest levels.

The report's biggest concerns relate to unemployment levels and this is particularly true of the US economy, where it notes that people are expected to continue to lose their jobs at a faster rate than new ones are created.

At the same time it warns that while the unemployment rise is expected to ease in the US in 2010, it will probably continue within the EU where job losses are predicted to continue at their present rate until 2011.

More positively, the report says that despite all of this, the Mainland China economy can expect to grow by 10% and the Indian economy by more than 7%.

The report also singles out Brazil and Russia, predicting that the Brazilian economy is expected to rebound and expand by almost 5% after a difficult time this year. It also expects the Russian economy will recover much faster, after experiencing even more growth after experiencing one of the worst economic slumps in the world – down by almost 9%.

Another country economy that is expected to perform well in 2010 is South Korea, which is predicted to grow by 4.5% in both 2010 and 2011, after a flat year in 2009.

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