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• However, recovery will be tepid
The Organization for Economic Cooperation and Development (OCDE) yesterday revised significantly upwards its economic growth forecast for industrialized states in 2010, showing that China and emerging countries will have an important contribution to the recovery. But the OECD warned that the recovery will remain weak in the coming years.
According to the latest forecasts, OECD member states will see a growth of 1.9% in 2010, more than double June"s estimates: 0.7%. For 2011, OCDE expects an even bigger growth: 2.5%, compared to a decline of 3.5% this year.
Even if it admits that the recovery of the global economy will be stronger than previously anticipated, the OECD warned that it would take several years before the rate of unemployment returned to pre-crisis levels.
The unemployment rate will continue to grow into 2010, when it will reach 9%, compared to 5.6% in 2007, according to the OECD.
OECD experts said it will take several years to repair the damage caused by the worst financial crisis since WW2. The global economy will not reach its Q1-2008 levels before 2011. The organization emphasized: "The unprecedented efforts of the government and central banks have helped stem the recession and caused the recovery to begin sooner, namely in the third quarter of this year".
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