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OECD expects economic activity to gradually pick up over next two years

19-Nov-2010 1:35 PM

Organisation for Economic Cooperation and Development (OECD), in its latest Economic Outlook stated (18-Nov-2010) economic activity in OECD countries will gradually pick up steam over the coming two years, but the recovery will be uneven and unemployment will remain persistently high. OECD added that with the functioning of the financial sector returning to normal and households and business in a position to renew spending and investment, the main challenge facing governments today is moving from a policy-driven recovery toward self-sustained growth. GDP across OECD countries is projected to rise by 2.3% in 2011 and 2.8% in 2012. In the US, activity is projected to rise by 2.2% in 2011 and then by 3.1% in 2012. Euro area growth is forecast at 1.7% in 2011 and 2% in 2012, while in Japan, GDP is expected to expand by 1.7% in 2011 and by 1.3% in 2012. Emerging markets are expected to grow at a quicker pace than the OECD, helping to lift global trade growth to more than 8% annually in 2011 and 2012.