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Potentially better times ahead for homes abroad



Country:  United States

24 June 2009

There were more signs of improvement for property markets around the world this morning, after the Organisation for Economic Cooperation and Development (OECD) optimistically projected that the world recession was "nearing the bottom" following a sharp decline in the six months to March.

The OECD projects that the world’s most affluent nations will see their economies contract by 4.1% in 2009, compared with a previous estimation of -4.3% in March.

This is the first time since 2007 the OECD has revised upwards its estimation for the world’s economy.

The USA property market may soon see better times, after the OECD, which represents the 30 richest industrialised countries, noticed signs of stronger economic growth in America, as well as China.

The OECD believes that the global economic recovery will be “weak and fragile” in the short to medium term, with the world’s richest countries collectively expected to grow by 0.7% in 2010, which, although low, is better than the previous prediction of -0.1%.

The OCED described the recession in the UK as “sharp”, and projects that the country’s economy will contract by 4.3% in 2009, which is worse than its previous estimation of a 3.7% fall, and lower than the average 4.1% economic decline for the world’s richest 30 nations.


See Also:   Marc Da-Silva, USA


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