A recent forecast from the Organisation for Economic Co-operation and Development (OECD) states that almost all world regions will see a return to growth next year.
Even more positive is it’s forecast for the rich nations (including the US and UK), where is has more than doubled its growth forecast for next year to 1.9% from 0.7%. If this forecast proves to be accurate then the UK economy will soon be in a state of recovery.
But it is the so called BRIC nations of Brazil, Russia, India and China that will experience the largest growth, with Brazil’s economy expected to rebound in dramatic style during 2010 with growth of around 5%, thereby helping the nation to edge closer to its goal of becoming one of the world’s largest economies.
The OECD also expects China to grow by a huge 10% as the Asian powerhouse picks up pace, driven by improving western economies.
But the OECD warns that recovery will not be a smooth ride as significant headwinds still exist, notably that of rising unemployment. Both the US and the EU are continuing to experience rising unemployment which in turn has a knock on effect to the world economy.
However, with recovery now looking imminent it appears that we have ridden the worst of the storm and that a return to the good times is edging ever closer.
