OECD says a return to recession 'unlikely'

The organisation's latest Interim Economic Assessment forecasts growth in the group of seven countries will be about 1.5% on an annualised basis in H2. This is down from the estimate of 1.75% that had been predicted in the OECD's last economic outlook in May. Although consumer spending continues to be a drag on economies around the world, the OECD concludes overall financial conditions appear to have stabilised and points out there is still significant growth in the emerging economies. Pier Carlo Padoan, OECD chief economist, says: "The uncertainty is caused by a combination of bot...