RTTNews - Wednesday, the Organization for Economic Co-operation and Development said the slowdown in OECD economies is reaching the bottom. But recovery is likely to be weak and fragile and the economic and social damage caused by the crisis would last long, the latest OECD Economic Outlook showed. OECD revised GDP projections upward for most of the large emerging economies and the U.S. However, the prospects for the euro area worsened for this year.
U.S. economic activity is forecast to fall 2.8% in 2009 compared to a 4% decline projected in March. Japan's GDP is estimated to drop 6.8% in 2009 and to rise 0.7% in 2010.
Euro area GDP is expected to contract 4.8% this year and to show nil growth in 2010. The previous projections were for a 4.1% fall in 2009 and a 0.3% fall in 2010.
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