OECD increases economic forecasts for the first time since the crisis

local time 23rd, Ford CEO Mulari announced a government loan of 5.9 billion U.S. dollars, the loan will be put on the energy-saving vehicles. Two days after the World Bank released its most pessimistic economic forecasts, the OECD, which represents the major developed countries, issued a more upbeat tone. In the latest forecasts for 30 member economies released in Wednesday, the OECD has raised its growth forecasts for the first time since June 2007.　　Industry insiders expect the IMF to raise its forecast for the global economy as it releases its latest report early next month. The US economy is bottoming out the paris-based OECD expects its member economies to shrink by 4.1% this year, and 0.7% next year.　　In a previous report in March, the OECD expects its member economies to shrink by 4.3% and 0.1% respectively this year and next, the first increase since the financial crisis began. As can be seen from the OECD report, the increase in economic expectations is mainly due to the improvement in the US economy.　　"Economic activity in OECD countries is bottoming out," OECD secretary General Gurria said at a press conference. The OECD says the US recession is showing signs of easing. According to the report, the U.S. economy may shrink by 2.8% this year, and next year is expected to grow by 0.9%.　　In the previous report, the OECD expects the US economy to shrink by 4% this year and zero next year. The report notes that the upturn in the US economy will help offset the weakness of other economies in the developed world, including Europe and Japan. The OECD estimates that Japan's economy will shrink by 6.8% this year, ahead of a 6.6% per cent contraction, but the forecast for growth for the Japanese economy next year is up from minus 0.5% to positive 0.7%. For the eurozone, the OECD's latest forecast is that the region's economy will shrink by 4.8% this year, worse than the previous estimate of 4.1%.　　However, it is expected that there will be no further negative growth in the euro zone next year, which was expected to shrink by 0.3%. The Fed will reconsider raising interest rates in 2011. However, the OECD does not think there will be a strong recovery. "We expect the recovery to be slow and will be fragile for some time," Gurria said. Elmerskov, chief executive economist at the OECD, said there were multiple indications that the US economy could hit bottom in the second half of the year.　　But the group said the Fed did not need to start raising interest rates 2011 years ago, given the likely weakness of the recovery. For Japan, the OECD reckons that while Japan's recession appears to be close to bottoming, the pace of recovery will be unusually slow and excess capacity still needs to be digested.　　As a result, the group suggests that the BOJ should send a message to the market that the central bank will keep the current 0.1% interest rates down to next year.　　For the eurozone, the OECD proposal is that, given the gloomy economic outlook and downward inflationary pressures, the ECB should begin to consider the extreme option of further lowering interest rates from 1%. This Monday, the worldThe bank released its latest forecast for the global economy, which slashed its forecasts for economic growth.　　The bank expects the global economy to shrink by 2.9% this year, after a 1.7% contraction. By contrast, the IMF's forecasts are closer to the OECD. The IMF reckons that the global economy will fall 1.3% this year but will grow by 2.4% next year. Industry insiders expect the IMF to raise its forecast for global growth again on July 7, when it releases its latest report.