Group of 7 finance ministers warns of fragile recovery and against complacencyOctober 3rd, 2009 G-7 finance ministers warn of fragile recoveryISTANBUL — The world economy is growing again, but the recovery remains fragile, according to the finance ministers from the Group of Seven rich countries. In a joint statement in Istanbul on Saturday, they say that decisive actions have helped the global economy to recover and financial market conditions to improve.
World out of recession, says IMFOctober 1st, 2009 ISTANBUL - The world economy has pulled out of its worst recession since World War II and will stage a sluggish recovery in the coming year, the International Monetary Fund (IMF) said in an economic forecast released Thursday. But the IMF warned the recovery was largely due to massive public spending by governments.
After recession, world economy to grow by 3 percent in 2010: IMFOctober 1st, 2009 WASHINGTON - As the world economy comes out of a deep global recession, global activity is forecast to expand by about 3 percent in 2010 after contracting by about 1 percent in 2009, according to the International Monetary Fund (IMF) projections. Though well below the rates achieved before the crisis, these projections in the October 2009 World Economic Outlook (WEO) reflect modest upward revisions to those in the July 2009 WEO Update.
OECD forecasts unemployment to reach new postwar high of some 10 percent in 2010September 16th, 2009 Unemployment to hit new postwar high, OECD saysPARIS — Unemployment in leading industrialized nations will hit a new postwar record next year, surpassing the current high, as the global economy looks set for only a timid recovery in 2010, the OECD said in a report Wednesday. The jobless rate in the 30 member countries of the Organization for Economic Cooperation and Development will approach 10 percent — meaning 57 million people out of work — in the second half of 2010, according to the OECD's latest employment outlook report.
OECD forecasts unemployment in industrialized world to reach new post-WWII high in 2010September 16th, 2009 Unemployment in industrial world to hit new highPARIS — Unemployment in the industrialized world will hit its highest level since World War II next year, surpassing the current peak, as the global economy looks set for only a timid recovery in 2010, an international organization said in a report Wednesday. The jobless rate in the 30 rich countries that belong to the Organization for Economic Cooperation and Development will approach 10 percent in the second half of next year, according to the OECD's latest employment outlook report.
'Unemployment to rise even as recession ends'September 16th, 2009 PARIS - Joblessness in the US, Europe and Japan is expected to continue rising even as their economies recover, the Organization for Economic Cooperation and Development (OECD) said Wednesday. "There is great uncertainty looking forward, but labour market conditions appear set to deteriorate further in the coming months," the OECD said in its Employment Outlook 2009, released in Paris.
Oil above $68 in afternoon European trade amid weaker dollar, hopeful OECD forecastSeptember 3rd, 2009 Oil above $68 on weaker US dollar, OECD forecastOil prices traded higher Thursday as the U.S. dollar weakened slightly against the euro and the OECD was optimistic about the recovery of the global economy.
US youth fare poorly in OECD survey of childhood welfare, despite above-average spendingSeptember 1st, 2009 US youth fare poorly in child welfare surveyPARIS — American youths suffer among the industrialized world's worst rates of infant mortality, teenage pregnancy and child poverty, even though the United States spends more per child than better-performing countries such as Switzerland, Japan and the Netherlands, a new survey indicates. The OECD, a Paris-based watchdog of industrialized nations, urged the U.S.
Energy group sees rising world oil demand, productionAugust 12th, 2009 PARIS - Amid signs of a world economy now righting itself, the International Energy Agency (IEA) Wednesday raised its projections for world oil demand and output this year and in 2010. The Paris-based group said it expected demand this year to average 83.9 million barrels per day (b/d), some 190,000 b/d higher than what the IEA had projected just last month.
ADB says East Asia's economic growth could rebound sharply in 2010 with V-shaped recoveryJuly 23rd, 2009 East Asia growth may rebound sharply, ADB saysBANGKOK — East Asia's emerging economies could rebound sharply next year with the region already moving from recession to recovery, the Asian Development Bank said Thursday. The deep slumps in the U.S., Europe and Japan will continue to hurt export-dependent East Asia this year but it could expand at a rapid clip in 2010, the development lender said in a semiannual economic report.
IEA says global oil demand to rebound strongly in 2010 after 2-year dropJuly 10th, 2009 IEA forecasts strong rebound in oil demandPARIS — Global oil demand will rebound 1.7 percent next year as recovery in developing countries helps counter a two-year drop in oil usage sparked by the global recession, the International Energy Agency said Friday. The Paris-based agency predicted Friday in its closely watched monthly survey that global oil demand will increase by 1.4 million barrels a day in 2010 to 85.2 million barrels a day.
OECD ups India growth forecast, slams protectionismJune 24th, 2009 LONDON - The Organisation for Economic Cooperation and Development (OECD) Wednesday said India was on course to achieving a 7.2 percent growth rate next year but said it was concerned about what it described as the country's increasing protectionism. The OECD said the Indian growth rate would dip to 5.9 percent this year before rising to 7.2 percent in 2010 - an upward revision of its previous forecast of 4.3 percent in 2009 and 5.8 percent the year after.
OECD sees recession nearing bottom, but warns recovery may be weakJune 24th, 2009 Global recession nearing bottom, OECD saysPARIS — The deepest global recession in over 60 years is close to bottoming out, but recovery will be weak unless governments do more 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.
Unemployment in OECD countries to approach 10 percent in 2010, OECD saysJune 23rd, 2009 OECD warns unemployment will rise in 2010PARIS — Unemployment in the 30 most developed market democracies of the world will continue to rise next year to reach almost 10 percent by the end of 2010, the Paris-based Organization for Economic Cooperation and Development said Tuesday. More than 57 million people will be unemployed in the 30 countries making up the OECD at the end of 2010, up from 37.2 million at the end of 2008, the international body said in a report.
French are world champions in eating, drinking and sleepingMay 4th, 2009 PARIS - No one in the developed world spends more time than the French on eating, drinking and sleeping, according to a study by the Organisation for Economic Cooperation and Development (OECD) issued here Monday. The study, titled Measuring Leisure in OECD Countries, found that French men and women above the age of 15 spend an average of about two hours and 15 minutes a day eating and drinking.
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