The OECD (Organization for Economic Co-operation and Development) predicts that the combined economies of its 30 members will expand 0.7 per cent in 2010, not worth a celebration, but definitely better than a previous estimate of 0.1 per cent contraction announced in March.

In its latest conference in Paris on Wednesday, the OECD announced that the heavy U.S. recession is likely to bottom out this year, but any recovery will be weak given the dampened consumer wealth, tight credit and a strained labor market.

“Economic activity in the OECD countries is reaching bottom,” OECD Secretary General Angel Gurria told reporters in Paris. “We foresee a recovery that will be rather slow and fragile for some time.”

The OECD is based in Paris, France and was founded in 1961 to coordinate international economic policies. Web site: www.oecd.org

Related news articles:

1. SARB Chief says SA “recovery fragile”
2. Unemployment to stay high in the US, Europe until 2011
3. Germany’s debt crisis worsens
4. Germany, France return to growth in Q2; Europe on course for recovery
5. World recession easing, sluggish recovery in sight, says IMF