PUBLISHED | NOVEMBER 20, 2009
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Global economy recovery speed 'surprising'
The Organisation for Economic Cooperation and Development (OECD) has attributed the 'surprising' speed of the world's economic recovery to China, Asia and the USA. While Asian economies are driving the majority of the growth, the OECD also noted the USA's unexpectedly strong rebound. However, it warned that the growth needs to be made sustainable after countries withdraw government stimulus measures. "There are a number of risks that could complicate that transition," said Angel Gurria, OECD secretary general, citing the danger of a 'double-dip' recession if imbalances such as high unemployment and weak consumer spending continued. "If we keep on adding to the debt, even in the midst of this recovery, at some point people could lose confidence in the US economy in a way that could actually lead to a double-dip recession."Leave A Comment