10-Sep-2010 12:24 PM

World recovery slowing faster than anticipated: OECD

Organisation for Economic Cooperation and Development (OECD) stated (09-Sep-2010) the world economic recovery may be slowing faster than anticipated, according to its latest Interim Economic Assessment.  Growth in the Group of Seven countries is expected to be around 1.5% on an annualised basis in 2H2010 compared with the previous estimate of around .75% in the OECD’s May outlook. The OECD added that the loss of momentum in the recovery is temporary although uncertainty has increased, with Chief Economist, Pier Carlo Padoan, commenting: “The uncertainty is caused by a combination of both positive and negative factors. But it is unlikely that we are heading into another downturn.”