OECD says recession 'near bottom'

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news.bbc.co.uk/2/hi/business/8116234.stm

Signs of hope

It says the advanced economies will return to weak growth of 0.7% in 2010, compared with its previous forecast of a contraction of 0.1%.

WORLD GROWTH FORECAST
UK 2009 -4.3%; 2010 0.0%
USA 2009 -2.8%; 2010 0.9%
Eurozone 2009 -4.8%; 2010 0.0%
Japan 2009 -6.8%; 2010 0.7%
OECD 2009 -4.1%; 2010 0.7%
World 2009 -2.2%; 2010 2.3%
Source: OECD Economic Outlook

“It looks like the worst scenario has been avoided,” the OECD said.

“Even if the subsequent recovery may be slow, such an outcome is a major achievement of economic policy.”

The OECD adds that there are already signs of recovery in the large non-OECD countries such as China, and that in the US activity could bottom out in the second half of 2009.

I hope he’s right…I’d like to get back into the semiconductor industry.