Economy Recovering But Without Jobs: OECD, US Economy Recovering Fast, Global Economy Recovery, US Economy Growing Fast

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DPA | 26 May, 2010
Industrial nations are emerging more quickly than expected from their worst recession in the post-war period but the upswing is bypassing the labour market, the Organisation for Economic Cooperation and Development (OECD) said Wednesday.

In its spring economic outlook, Paris-based OECD said that prices were remaining stable in the recover.

"The growth dynamic is intact," the OECD said, while cautioning that the upswing could be jeopardised by the acute crisis facing a number of nations' budgets.

The OECD raised its growth projections compared with its November 2009 report, predicting a rise of 2.7 percent for the entire OECD this year and 2.8 percent in 2011.

Among individual countries, the US' economy is now seen rising by 3.2 percent both this year and next. Japan is expected to show three percent growth this year and two percent in 2011, the OECD said.

China is expected to remain the world's economic locomotive, growing by 11.1 percent this year, the OECD predicted.

Germany, the biggest economy in Europe, is now expected to growth by 1.9 percent this year and by 2.1 percent in 2011, not quite enough to balance out the 4.9 percent plunge in 2009.