OECD Says The Global Recession
Has Now Hit It's Worst Point

The current global recession is getting near it's worst point and will begin to ease very soon, according to the Organisation for Economic Co-Operation & Development (OECD). It's quarterly report for June, detailing the future fortunes of it's member countries, shows a better set of figures than had been pencilled in. While the situation in EU countries looks a little worse than previously expected, Japan's outlook hasn't got any worse and projections for the US and emerging economies have actually improved. This is the first improvements that have been made to these quarterly projections. Up until now, all of those economies have had to be downgraded for the past few quarterly reports. This is a sign of the recession easing, according to the OECD, but it may have much longer-lasting effects than had been previously anticipated.

June.24.2009 - Robert Knight, Blatant News Correspondent
more Banking & Economics news

WHAT IS THE OECD SAYING?
It is saying that the global economy will start to improve soon. It is also saying that the deficits in most of the major global economies will not go much further into the red, and their deficits will actually improve from this point on. For example, in the previous OECD quarterly report released in March 2009 the US economic activity was projected to end 2009 at -4%, but in June's report it has been upgraded to -2.8%. And instead of 0% growth figure for 2010, they have now upgraded that to an increase of 0.9%. Here is what the Secretary-General of the OECD, José Ángel Gurría, had to say. “Thanks to firm action to stimulate our economies it appears that we have escaped the worst during this crisis. But the next few months will be equally testing. There needs to be a clear and credible plan and timeline for phasing out the emergency measures as the recovery takes hold. It is critical to consider these exit strategies now in order to prevent new risks in the years ahead.”

WHO IS THE OECD?
The Organisation for Economic Co-Operation & Development (OECD) is an international organisation of 30 member countries that is based solely around building the free-market economy around the world. All of it's countries are developed nations, and only 3 fall into the middle-income group of countries, Mexico, Poland & Turkey. It is basically a collection of the world's most economically powerful nations, and its countries have the bulk of the worlds wealth. It's members must adhere to a democratic system and it's headquarters are in Paris. The 1961 founding members are Austria, Belgium, Canada, Denmark, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. Since then Australia, the Czech Republic, Finland, Japan, Hungary, Mexico, New Zealand, Poland, Slovakia, and South Korea have been admitted to this organisation of the elite. The EU also partakes in the OECD, representing it's member states.

TIME TO SPEND?
It really is hard to tell. The 'worst recession since the Great Depression of the 30's', over in a matter of months, not years? I don't think so. Either this will last a lot longer and get a lot worse, or this was nowhere near as bad as they were making out. Maybe this was just a big exercise in panic! I'm in Ireland, a country with projections of -9.8% for 2009 and -1.5% for 2010 in June's report, and people are not starving on the streets. The queues at the unemployment exchanges have grown and businesses are going down, but there's not as many empty shops in Dublin's city centre as you would expect, given the scare stories we have been used to for the past 18 months, a relatively short period of time. This sort of smacks of 9/11 in a way. We get this humongous shock, expect loads more incidents like it, but they never materialise. The multiple suicide attacks inside the US never came, and neither have the financial atrocities we were expecting. That's if this is the end of the global recession, as the OECD is saying. At this point it just looks like a quick exercise in skimming some cash out of each economy.

Copyright © 2009 BlatantNews.com. Get re-publishing info here.