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OECD Sees Faster Global Recovery

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The Organization for Economic Cooperation and Development, OECD, today said the global economy is recovering faster than it had forecast three months ago. "With global trade flows set to recover, the Paris-based think-tank said it now expects the combined gross domestic product of the Group of Seven leading economies to contract by 3.7% this year, having forecast in June that it would shrink by 4.1%," the Wall Street Journal reported. "There is a recovery at hand now," Jorgen Elmeskov, the OECD's acting chief economist, told Dow Jones Newswires."