The Organization for Economic Cooperation and Development doubled its forecast for the global recovery from the deepest recession in decades. But even its new numbers call for a remarkably weak economic rebound. "The good news is that the recovery -- albeit a weak one -- is under way," OECD Secretary-General Angel Gurría said in the group's latest semi-annual report.
Weak, indeed. The jobless rate is expected to peak in the first half of 2010 in the U.S., but it may not be until 2011 that unemployment begins to fall in the euro area, according to the OECD's forecasts. U.S. GDP is only expected to rise 2.5% in 2010 and 2.8% in 2011.