News / Economy

OECD Sees 'Uneven' Global Economic Recovery

An investor gestures to another in front of the stock price monitor at a private securities company in Shanghai, China, November 22, 2012.An investor gestures to another in front of the stock price monitor at a private securities company in Shanghai, China, November 22, 2012.
x
An investor gestures to another in front of the stock price monitor at a private securities company in Shanghai, China, November 22, 2012.
An investor gestures to another in front of the stock price monitor at a private securities company in Shanghai, China, November 22, 2012.
VOA News
A new report says the world's economy will make "a hesitant and uneven recovery" over the next two years.

A group representing 34 of the world's largest economies - the Paris-based Organization for Economic Cooperation and Development (OECD) - predicted Tuesday that the global economy would advance 3.4 percent in 2013.  That would be up from 2.9 percent this year, but down from OECD's May projection for 4.2 percent growth next year.

The OECD's secretary-general, Angel Gurria, said the world's regional economic fortunes vary widely across the globe.

"The global economic outlook has deteriorated again," said Gurria.  "A hesitant and uneven recovery is projected for the OECD area over the next two years, yet again.  The euro area will remain in, or near, recession well into 2013.  Growth is expected to pick up in the United States and Japan, but only gradually.  And a quicker recovery is expected in the emerging market economies.  This is, in a nutshell, how we see the world economy moving in the next couple of years."

Gurria said the lingering governmental debt crisis in Europe's 17-nation eurozone continues to be a significant threat to the world economy.  He also said the dispute over government spending and tax policies in the United States could be a threat to the global economy if it is not resolved.

"The near-term outlook is not only weak, but also downside risks predominate," Gurria added.  "Lingering euro area crisis remains a serious threat to the world economy.  At same time, if left unresolved, the U.S. fiscal cliff could tip the U.S. economy into recession, and of course weigh on the global wealth and the global recovery, being the largest economy in the world."

U.S. President Barack Obama and key congressional leaders are currently attempting to resolve the long-standing stalemate over key financial issues before the end of the year.

You May Like

In China, Mixed Signals on Ebola Controls

How authorities are monitoring at-risk individuals remains unclear, including whether there are quarantines for Chinese health workers returning from West Africa More

Video Women Voters Anxious Ahead of US Elections

Analysts say if women are focused on national security, it could be bad news for Democrats More

Solar's Future Looks Brighter

New technology and dropping prices are contributing to a surge in solar power More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Women Voters Anxious Ahead of US Electionsi
X
October 31, 2014 4:10 AM
Public opinion polls show American voters are deeply dissatisfied with their government and anxious about threats from abroad. This is especially true for a key voting group both Republicans and Democrats are trying hard to win over: women. Analysts say if women are focused on national security, it could be bad news for Democrats, with majority control of the Senate at stake. VOA’s Cindy Saine looks at the crucial role women voters will play in deciding the elections.
Video

Video Women Voters Anxious Ahead of US Elections

Public opinion polls show American voters are deeply dissatisfied with their government and anxious about threats from abroad. This is especially true for a key voting group both Republicans and Democrats are trying hard to win over: women. Analysts say if women are focused on national security, it could be bad news for Democrats, with majority control of the Senate at stake. VOA’s Cindy Saine looks at the crucial role women voters will play in deciding the elections.
Video

Video Victorious Secularists Face Challenge to Form Government in Tunisia

Official results from Tunisia show the Islamist Ennahda party has failed to win the second free election since the so-called "Arab Spring" uprising in 2011. Ennahda, which handed power to a government of technocrats pending the elections, lost out to the secular party Nidaa Tounes. Henry Ridgwell reports from London that the relatively peaceful poll offers some hope in a volatile region.
Video

Video Africa Tells its Story Through Fashion

In Africa, Fashion Week is a riot of colors, shapes, patterns and fabrics - against the backdrop of its ongoing struggle between nature and its fast-growing urban edge. How do these ideas translate into needle and thread? VOA’s Anita Powell visited this year’s Mercedes Benz Fashion Week Africa in Johannesburg to find out.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7893
JPY
USD
107.68
GBP
USD
0.6238
CAD
USD
1.1214
INR
USD
61.185

Rates may not be current.