OECD expects US economic recovery to quicken
Print Edition
THE US economic recovery should accelerate in coming months as an energy boom, steadily falling unemployment and a rebound in investment push growth to its fastest pace in a decade, the Organization for Economic Cooperation and Development said yesterday.
In its latest overview of the US economy, the Paris-based group said the gross domestic product would expand 2.5 percent this year, a touch below a forecast it released last month.
But it maintained its 3.5 percent growth projection for next year, which would be the strongest advance since 2004.
The OECD is more optimistic on US growth than most private forecasters and some other global bodies, including the World Bank, which looks for growth in 2015 of 3 percent.
The OECD said it saw several positive trends converging to make the recovery faster, more entrenched and more driven by private demand.
Low energy prices and continued low borrowing costs, coupled with record corporate stores of cash, should produce a surge of 10 percent in business investment in 2015, the OECD projected, while steadily falling unemployment would mean rising consumer demand and a firm recovery in housing over the next year.
“The US is the bright spot in the world’s recovery today,” said OECD head Angel Gurria.
“This has been building up,” as the US worked through the aftermath of the crisis and recession and prepare for domestic demand and investment to take off.
“The US is the one country that has its own growth built in.”
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