OECD: Global recession close to bottoming out

By AP, JPOST.COM STAFF
June 24, 2009 15:35

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

The deepest global recession in over 60 years is close to bottoming out, but recovery will be weak unless governments take further action to remove uncertainty over banks' balance sheets, the Organization for Economic Cooperation and Development (OECD) said Wednesday. In its half-yearly economic outlook, the Paris-based organization said it expects its member countries' economies to shrink by 4.1 percent this year, with only government rescue measures heading off an even worse decline. Jorgen Elmeskov, the OECD's acting economics department head said the recovery "is likely to be both weak and fragile for some time." The OECD predicts that the US economy will shrink by 2.8% this year compared to a 1.1% growth in 2008. Japanese output is likely to contract by 6.8 percent this year and the 16 nation euro-zone will likely shrink by 4.8 percent. The outlook forecast growth in all three regions next year, with overall growth across its membership expected to average 0.7 percent in 2010, according to the report.

Related Content

Tamir Naaman-Pery, an 18-year-old cellist from the Kamon moshav, in Young Musicians Eurovision 2018
August 19, 2018
Israel takes a shot at another Eurovision title

By AMY SPIRO