Grim outlook for global economy, unemployment

On Tuesday, the Organization for Economic Cooperation and Development (OECD) predicted that the global economy will shrink by 2.75 percent in 2009, but will begin to rebound in 2010 with a modest 1.2 percent increase in growth. This announcement was made in advance of the G-20 meeting, which will begin on Thursday. By comparison, the World Bank predicts a 1.7 percent shrinkage in the global economy.

The OECD is an international organization of thirty countries, most of which are developed, that are committed to representative democracy and a free-market economy. Formed in 1948 to help implement the Marshall Plan, the Organization provides an arena through which its members can coordinate social, political, and economic efforts.

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