Global economy slowing but recession unlikely says OECD
The global economic recovery is slowing faster than forecast, but a return to recession is unlikely, a leading global economic group has said.
The Organisation for Economic Co-operation and Development (OECD) said the slowdown had been more "pronounced than anticipated".
As a result, it lowered its growth forecast for 2010 for the G7 leading economies to 1.5%, down from 1.75%.
It added the economic outlook was characterised by "great uncertainty".
"The uncertainty is caused by a combination of factors, but it is unlikely that we are heading into another downturn," said the OECD's chief economist Pier Carlo Padoan. Read more...
Categories: Global Recession Tags: economy, Global Recession, recession