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It looks like the worst scenario has been avoided," the OECD said.
"Even if the subsequent recovery may be slow, such an outcome is a major achievement of economic policy."
The OECD adds that there are already signs of recovery in the large non-OECD countries such as China, and that in the US activity could bottom out in the second half of 2009.
However, it is more pessimistic about the prospects for the UK and the eurozone.
Originally posted by andy1033
They do not really know, as they said a while back it would be over already.
They do not really know, alot of finance stuff is a guessing game.
June 24 (Bloomberg) -- Orders for U.S. durable goods unexpectedly jumped in May, a sign companies are gaining confidence the recession is easing.
The 1.8 percent rise in bookings for items meant to last several years matched the previous month’s increase, the Commerce Department said today in Washington. Another report showed sales of new houses unexpectedly dropped last month, indicating foreclosures made existing homes more attractive.
7:10 AM PDT, June 24, 2009
TOKYO -- The slump in Japan's exports showed little sign of relenting in May, with auto exports to the U.S. down more than half, adding to doubts about a quick recovery from the global recession.
Exports from the world's second-largest economy plunged 40.9 percent from a year earlier, accelerating from a 39.1 percent fall in April, the government said today, as consumers overseas bought fewer of the country's cars, electronics and other mainstay exports.