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Report: Global Economy Grows Faster

A new report says the industrial world's economy is recovering faster than expected, but still faces risks from the debt crisis and the possible overheating of emerging economies.

The Organization for Economic Cooperation and Development, which includes the world's 30 richest nations, says its member economies will grow 2.7 percent this year, which is eight-tenths of a percentage point faster than earlier predictions.

The OECD says the nations that use the euro will expand more slowly (1.2 percent). The report's authors call on European nations to take "bolder" measures to cope with debt and other issues.

The report also says trade flows are rising again and strong growth in China and other emerging nations is helping to pull other countries out of recession. But the OECD cautions that emerging economies should be careful to avoid the threat of inflation.

Some information for this report was provided by AP and AFP.