Yesterday, for the first time in two years, the Organization for Economic Cooperation & Development (OECD) upgraded its estimate for the economy of its 30 member nations. The OECD now expects that the combined economy of the world’s most advanced countries will contract 4.1% in 2009 and grow 0.7% in 2010.
This is an improvement from its March projection for a 4.3% contraction and growth of only 0.1%. The OECD also raised its U.S. estimate and foresees the economy shrinking by 2.8% in 2009, compared with a previous estimate of 4%.
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