EXCEPT for Japan, the growth in G7 economies
has emerged much stronger than previously
projected, with accelerating private sector investment and trade boosting recovery,
according to new analysis from the OECD.
“The outlook for growth today looks significantly better than it looked
a few months back,” OECD Chief Economist Pier Carlo Padoan said during
a presentation of the OECD’s latest Interim Economic Assessment.
The disaster in Japan following last month’s tragic earthquake and tsunami
casts uncertainty over the near-term outlook, and it is still too early to
determine the full cost to the economy, the OECD said. For this reason, the
Interim Assessment contains no projections for Japan.
The OECD says that economic growth in the G7 economies
outside Japan could rise to an annualised rate of about 3% in the first half
of 2011.
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