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OECD: Global recovery advances slowly

FXStreet (Łódź) - The Organization for Economic Cooperation and Development released a preliminary economic outlook report today in which it suggested global recovery should keep advancing gradually, led by the US. The languishing Eurozone and the weakness seen in several large emerging economies prevent it from picking up pace, the OECD said.

The organization reduced its growth forecasts slightly with Eurozone GDP seen now at 0.8% in 2014 and at 1.1% in 2015. The Japanese economy is expected to grow by 0.9% in 2014, and by 1.1% in 2015, and the Chinese economy by 7.3% this year, and by 7.1% the next.

The recovery is the strongest in the US, where thanks to the robust labor market growth is projected to pick up pace from this year's 2.2% to 3.1% next year.

The OECD, which released the forecast report a few hours before ECB's monthly monetary policy meeting, also urged the central bank to implement full-blown QE in order to prevent a "prolonged period of stagnation" in the Eurozone.

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