Recession 'near bottom' - OECD

The OECD, which represents the 30 most industrialised nations, says those economies will contract by just over 4% this year and recovery is likely to be "weak and fragile," The BBC reports. The UK's output is set to decline by 4.3% in 2009, worse than its previous forecast of a 3.7% fall, says the organisation. It predicts zero growth in the UK economy in 2010 and says the UK budget deficit will reach 14% next year, worse than Government estimates. The OECD says the pace of the global downturn is now moderating after the sharp drop in the six months to March, yet it still predicts ou...