OECD: Global recession near to bottom out

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Prospects for global economic recovery next year have improved for the first time in two years.

However, the Organization for Economic Cooperation and Development says recovery will likely be weak and fragile for some time.

In its half-yearly economic outlook, the OECD said the deepest global recession in more than 60 years is close to bottoming out.

The Paris-based organization said it expects its member countries' economies to shrink by 4.1 percent this year, and return to modest growth of 0.7 percent next year.

Angel Gurria, OECD Secretary-General, said, "We anticipate still for the year of 2009 a deep contraction in output, in general the OECD area at large is going to shrink by upwards of 4 percent."

Angel Gurria, OECD Secretary-General, said, "World trade is set to fall by as much as 16 per cent, due to a host of economic influences." (CCTV.com)