OECD forecasts recovery

The OECD's forecasts, while acknowledging that the world may already be in recession, suggest that the recession may not a prolonged one and that there will be a sharp recovery next year. "I don't see this as a severe global recession," Chief Economist Ignazio Visco said in a television interview yesterday.

Visco however was candid about the assumptions used to make these forecasts, notably that the ECB cuts interest rates further. Speaking to the Financial Times, he admitted also that the rep