Global economic recovery is real, but at slow pace: OECD

By Park Sae-jin Posted : November 20, 2013, 10:09 Updated : November 20, 2013, 10:09

The world economy is expected to grow 2.7 percent this year, before accelerating to a 3.6 percent rate in 2014, the Organization for Economic Cooperation and Development (OECD) said Tuesday (local time). 

“The recovery is real, but at a slow speed, and there may be turbulence on the horizon,” OECD Secretary-General Angel Gurría said. 

According to the OECD’s latest Economic Outlook, growth in the United States is projected at a 2.9 percent rate in 2014 and Japan’s gross domestic product (GDP) is expected to drop to a 1.5 percent growth rate in 2014. 

The euro zone is expected to witness a gradual recovery, with growth of 1 percent in 2014. 

As to emerging economies, the OECD said, growth has begun picking up in China but will remain weaker than previously projected in most other major emerging economies. 

A group of emerging OECD member countries South Korea, Chile, Turkey, Mexico and Israel will continue out-pacing growth in other advanced economies, it said. 

 

 

 

 

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