OECD: The beginning of the end for global recession

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OECD: The beginning of the end for global recession

Thu 25th Jun 2009

The Organisation for Economic Cooperation and Development (OECD) believes that the recession is beginning to draw to a close on a global scale, as financial markets begin to recover and growth is stimulated by the emergency measures adopted in recent months.

According to the organisation's quarterly report, it has been able to revise its predictions for the first time since 2007 due to an unexpectedly strong performance on behalf of the larger developing nations, specifically the US.

However, the picture is less than rosy for the UK, which the report states will continue to grapple with recession until the end of 2010 at least.

"The financial crisis has severely impaired the supply of credit and house prices have fallen sharply, thus restraining business and household spending," it informs.

In related news, the OECD yesterday warned that the UK faces a pensions crisis which could last for decades if the strain on public and private sector accounts escalates further.

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