The Organization for Economic Cooperation and Development (OECD) said today that growth in the Group of Seven industrial economies will recover quickly in the first half of the current year 2012. However, the organization warned that the recovery remains fragile.

The OECD Chief Economist Carlo Padoan said Our forecast for the first half of 2012 points to robust growth in the United States and Canada, but much weaker activity in Europe, where the outlook remains fragile, and we may have stepped back from the edge of the cliff, but there's still no room for complacency,

In general, the OECD projected that U.S. annualized gross domestic product would grow by 2.9% in the current quarter and by 2.8% in the second quarter. On the other hand, Germany, France and Italy are expected to contract by 0.4% on average in the first quarter, picking up to grow by 0.9% in the second quarter. In Asia, Japan's annualized GDP is expected grow by 3.4% in the first quarter and 1.4% in the second.