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OECD Sees Mostly Improving Global Economy

A new report is pointing toward improving economic fortunes throughout much of the world.

The Paris-based Organization for Economic Cooperation and Development said Tuesday that most major economies are advancing compared to late last year.

The OECD, representing 34 of the world's biggest economies, said economic growth is firming in the United States, the world's largest economy.

At the same time, the report on leading economic indicators said that economic growth in Japan, with the world's third largest economy, "should remain above trend."

The OECD said it sees economic growth gaining momentum in Europe's 17-nation euro currency union, currently mired in a recession with stagnant growth. The OECD said it sees improving conditions in Germany, the eurozone's biggest economy, and Italy, the third largest.

The report said it sees normal growth in England, Canada, Brazil and Russia, and an improving Chinese economy, the world's second biggest.

It said economic growth is below trend, though, in India.
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