ANGEL GURRIA OECD MAY 29 2013

GLOBAL ECONOMY ADVANCING BUT PACE OF RECOVERY VARIES, SAYS OECD ECONOMIC OUTLOOK.

THE GLOBAL ECONOMY IS MOVING FORWARD, BUT DIVERGENCE BETWEEN COUNTRIES AND REGIONS REFLECTS THE UNEVEN PROGRESS MADE TOWARD RECOVERY FROM THE ECONOMIC CRISIS, ACCORDING TO THE OECD’S ECONOMIC OUTLOOK.

HISTORICALL HIGH UNEMPLOYMENT REMAINS THE MOST SERIOUS CHALLENGE FACING GOVERNMENTS.

WORLD REAL GROSS DOMESTIC PRODUCT ( GDP ) IS PROJECTED TO INCREASE BY 3.1% THIS YEAR AND BY 4% IN 2014.

ACROSS OECD COUNTRIES, GDP IS PROJECTED TO RISE BY 1.2% THIS YEAR AND BY 2.3% IN 2014, WHILE GROWTH IN NON-OECD COUNTRIES WILL RISE BY 5.5% THIS YEAR AND 6.2% IN 2014.

IN THE US, ACTIVITY IS PROJECTED TO RISE BY 1.9% THIS YEAR AND BY A FURTHER 2.8% IN 2014.

GDP IN THE EURO AREA IS EXPECTED TO DECLINE BY 0.6% THIS YEAR AND THEN REBOUND BY 1.1% IN 2014, WHILE IN JAPAN GDP IS EXPECTED TO GROW BY 1.6% IN 2013 AND 1.4% IN 2014.

« THE GLOBAL ECONOMY IS STRENGTHENING GRADUALLY, BUT THE UPTURN REMAINS WEAK AND UNEVEN », SAID OECD SECRETARY-GENERAL ANGEL GURRIA.

« SUPPORTIVE MONETARY POLICIES, IMPROVING FINANCIAL MARKET CONDITIONS AND A GRADUAL RESTORATION OF CONFIDENCE ARE AT THE ROOT OF THE RECOVERY. ALSO, THE FISCAL ADJUSTMENT OF THE LAST FEW YEARS IS BEGINNING TO PAY OFF. SEVERAL COUNTRIES ARE CLOSE TO STABILISING THEIR GOVERNMENT DEBT-TO-GDP RATIOS AND ENSURING A GRADUAL DECLINE IN INDEBTEDNESS OVER THE LONGER TERM », MR GURRIA SAID AT THE TODAY PRESS CONFERENCE.

MORE ON : www.oecd.org/OECDEconomicOutlook

AS RECALLED BY MR PIER CARLO PADOAN -OECD DEPUTY-SECRETARY-GENERAL AND OECD CHIEF ECONOMIST « THERE IS LIGHT AT THE END OF THE TUNNEL IF POLICY MAKERS GET AHEAD OF THE CURVE ! »

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