Global recession close to bottoming out: OECD
Posted on June 24, 2009
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The worst global economic recession in more than 60 years is close to bottoming out, even as rich economies will contract 4.1 per cent this year, says a group of industrialised nations.
The Organisation for Economic Cooperation and Development (OECD), a club of 30 rich countries, today said the ensuing recovery is expected to be weak and warned that economic, social damage caused by the global crisis would be “long-lasting”.
The organisation has projected the OECD economies which includes the US, the UK and Japan, to contract 4.1 per cent in 2009 against 0.8 per cent growth last year.
“OECD activity now looks to be approaching its nadir, following the deepest decline in post-war history. The ensuing recovery is likely to be both weak and fragile for some time.
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