Recovery in developed economies gathering pace

Recovery in developed ec

November 19, 2009 16:35

Recovery in developed economies will accelerate next year due to "substantial improvements" in financial markets and fast-growing Asian countries, but is likely to remain fragile, the Organization for Economic Cooperation and Development said Thursday as it doubled its 2010 growth forecast. The Paris-based watchdog's chief economist, Jorgen Elmeskov, told a news conference that the recovery has been mostly driven by government stimulus measures and interest rate cuts. Such measures enabled the market to recover "considerably faster and stronger" than anticipated in the June economic outlook, he said. Still, the recovery will remain modest next year, with the US and Japan outpacing Europe, the OECD report said.

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