US recession to bottom out in 2009, says OECD
The recession in the United States, which dragged world markets down to record lows, will…
June 24, 2009 1:40 by Dana El Baltaji
The recession in the United States, which dragged world markets down to record lows, will bottom out in 2009, said the Paris-based Organization for Economic Cooperation and Development (OECD) on Wednesday in a biannual report on economic conditions worldwide.
The OECD estimates the US economy to contact by 2.8 percent this year, but may grow by 0.9 percent in 2010.
“In this environment, a considerable degree of economic slack, especially in the labor market, is likely to persist … bringing inflation to very low rates,” it said.