OECD Raises Economy Outlook for First Time in Two Years on U.S.

“It looks as if the worst scenario has been avoided and that OECD economies are now nearing the bottom. Signs have multiplied that U.S. activity could bottom out in the course of the second half of this year," Jorgen Elmeskov the OECD’s acting chief economist, said in the report. “The need for determined policy action remains.”

The improved outlook conflicts with that of the World Bank, which this week said the global recession will be deeper than it predicted three months ago.

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