How things have changed from June. Forecasts are ramping up big time, even for the U.S..
Bloomberg: The combined economy of the group’s 30 member countries will expand 1.9 per cent next year and 2.5 per cent in 2011, the Paris-based organisation said in a report today. Output will contract 3.5 per cent this year. The OECD, which advises members on economic policy, forecast 2010 growth of 0.7 per cent in June.
The U.S. economy will grow 2.5 per cent in 2010 instead of the 0.9 per cent predicted in June and the euro region will advance 0.9 per cent instead of a projection it would stagnate, the OECD said. Japan will post growth of 1.8 per cent instead of 0.7 per cent. The forecast for China was raised to 10.2 per cent.
Check out the video below, the Organisation for Economic Co-operation and Development (OECD) actually expects the U.S. employment situation to improve more rapidly than in other major developed countries. The official release is here.
“Countries like the U.S., where there has been a massive labour gouge, there we have employment responding rapidly to the recovery and unemployment coming down soon. But in other countries enterprises have been hoarding labour, there we do not expect to see recovery any time soon.”