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Source: ONE News -
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The OECD believes the deepest global recession in more than 60 years is close to bottoming out.
The Organisation for Economic Co-operation and Development expects the economies of its 30-member countries should return to modest growth of 0.7% next year, a big reversal from an expected fall of 4.1% this year.
"This is the first time since 2007 that we have revised up the projection," OECD chief economist Jorgen Elmeskov said.
"The bad news is that the projection still implies that we are only nearing the bottom now, and the recovery that follows is going to be a very slow one, probably a fragile one."
The OECD is forecasting New Zealand's economy to contract by 3% this year and mild growth of 0.6% in 2010.
Across the Tasman the OECD expects the Australian economy to contract by 0.4% in 2009 before rebounding modestly by 1.2%.
New Zealand's gross domestic product figures are due out on
Friday.
