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September 9, 2010    

Double-dip recession unlikely, says OECD

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by Kay Murchie

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today said the global economic recovery is slowing faster and has therefore revised its growth forecast downwards for the G7 leading economies.

However, the think tank has said a return to recession is unlikely but “great uncertainty” remains.

It has therefore slightly revised its growth forecast for 2010 for the G7 nations to 1.5%, from the 1.75% it forecast in May.

Commenting, OECD’s chief economist Pier Carlo Padoan, said: “The uncertainty is caused by a combination of factors, but it is unlikely that we are heading into another downturn.”

Meanwhile, it has forecast the US economy will grow at an annualised rate of 2% between August and October, followed by 1.2% in the final quarter of the year.

Japan, which is the world’s second largest economy, is predicted to see growth of 0.6% in the third quarter and 0.7% in October to December period.

Its prediction comes as the National Institute of Economic and Social Research (NIESR) said the UK economy experienced a slowdown in growth in the three months to August to 0.7%, from 1.3% in the three months to July.

In its latest report, the Institute said: “The pace of economic growth may have softened in the three months to August, but is still a robust rate for the UK.

“Unfortunately, the rate of growth will continue to decelerate over the coming months,” it added.

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