OECD revises World Economic Outlook forecast upward


The Organization for Economic Cooperation and Development (OECD) today revised its World Economic Outlook forecast upward for the first time since 2007, indicating that the global economic slide may be approaching a bottom.

The group revised its estimates for 2009 upward, projecting a contraction of 4.1 percent rather than the 4.3 percent it projected before, and also projected slight growth in 2010, whereas before it had projected none.

Here is the text of the OECD report.

The new OECD report coincides with meetings of the U.S. Federal Reserve’s Open Market Committee today in Washington.

A blog entry in the Wall Street Journal says the focus of the Fed’s meetings will be interest rates, how to word its statement on the economy, and the Fed’s asset purchase plan.

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