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US recession to bottom out in 2009, says OECD

The recession in the United States, which dragged world markets down to record lows, will…

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June 24, 2009 1:40 by



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.



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