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OECD predicts stronger global growth OECD predicts stronger global growth
(35 minutes later)
The world's major economies will see stronger growth this year, but Europe's recovery will continue to be slow, an international organisation has said.The world's major economies will see stronger growth this year, but Europe's recovery will continue to be slow, an international organisation has said.
The Organisation for Economic Co-operation and Development (OECD) said it expected stronger growth in the United States and Japan this year. The Organisation for Economic Co-operation and Development (OECD) predicted stronger growth in the US, Japan and Germany.
In Europe, Germany's economy is predicted to pick up. But it said concerns remained over the recovery of the wider eurozone.
But the OECD said concerns remained over the recovery of the wider European economy. It said governments would need to maintain special measures in place to boost economic growth.
Overall, the OECD forecast an average annualised growth of 2.4% among the seven biggest economies in the first quarter of this year.
That suggests a marked recovery from the last three months of 2012, when leading economies shrank at an annualised rate of 0.5%.
"The bottom line is that we are moderately more optimistic," the OECD's chief economist Pier Carlo Padoan told Reuters.
But the organisation paints a picture of contrasting fortunes in Europe, where German growth is expected to be relatively strong, while France and Italy are expected to stay in recession until at least the second quarter of the year.
The OECD said it was still too soon for governments to consider ending economic stimulus measures that are helping to boost growth.