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The Organisation for Economic Cooperation and Development says the world economy is near the bottom of the worst recession in post-war history. The body that represents the 30 most industrialised nations said that those economies would shrink 4.1% this year.
But it adds that recovery is likely to be "weak and fragile" for some time.
The UK is in "a sharp recession", it says, with output set to decline by 4.3% in 2009. worse than its previous forecast of a 3.7% fall.
The OECD predicts zero growth in the UK economy in 2010, and says the UK budget deficit will reach 14% next year - both worse than UK government estimates.
Read the full article here.
But it adds that recovery is likely to be "weak and fragile" for some time.
The UK is in "a sharp recession", it says, with output set to decline by 4.3% in 2009. worse than its previous forecast of a 3.7% fall.
The OECD predicts zero growth in the UK economy in 2010, and says the UK budget deficit will reach 14% next year - both worse than UK government estimates.
Read the full article here.