RTTNews - Thursday, the Organization for Economic Co-operation and Development said in its Interim Economic Assessment that recovery from the global recession is likely to arrive earlier than expected. However, the pace of activity will remain weak well into next year.

The US economy is forecast to shrink 2.8% this year, unchanged from the previous estimate released on June 24. Meanwhile, economic contraction in Japan is seen at 5.6% compared to the prior estimate of 6.8% and the Eurozone GDP is expected to fall 3.9% versus previous estimate of 4.8% decline.

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