Today's IMF Economic Outlook provides some positive news for the global economy. Below is a short overview from Jorgen Elmeskov, Acting Chief Economist at the OECD.
Higher growth than previously expected for next year, but for some the legacy of high unemployment will provide a drag on the speed of the recovery. Is that a hint of a wry smile when he seems to suggest that the US, having shed labour rapidly, will bounce back more quickly than labour hoarding EU companies and countries?
Overall the OECD economies are set to grow over the year, with the exception of Greece who will face a small decline in 2010, and the non OECD world is set to bounce back more rapidly.
Unemployment in the EU is set to hit double digit figures exceeding 10% for the next two years. Eight countries are set to stay above 10% with Spain (19.3%), Turkey (15.2%) and Ireland (14%) likely to struggle for some time yet in returning to strong expansion.
A summary of the forecasts is provided on the OECD website with detailed assessments of individual countries too.
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