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OECD lifts global growth forecast


OECD lifts global growth forecast


The global economy is recovering faster than expected from recession with Asia leading the way, according to the Organisation for Economic Co-operation and Development

However it said the euro zone is lagging and the recovery is uneven and risk-prone due to huge debts in developed countries and possible overheating in place like China.

Its forecast for global growth is 4.6 percent this year and slightly less next year.

Last November it predicted growth of 3.4 percent this year and 3.7 percent in 2011, after a 0.9 percent contraction in 2009.

It was also far more optimistic about job markets globally, saying unemployment in its 31 member countries may have peaked at around 8.5 percent, that is much lower than its previous prediction of almost 10 percent.

The euro zone will lag with growth of 1.2 percent and 1.8 percent this year and next, still marginally more than forecasts of 0.9 and 1.7 percent last November.

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