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OECD optimistic about economic growth

In its latest forecast, the Organisation for Economic Co-operation and Development (OECD) says economic activity is picking up faster than expected.

The OECD revised its predictions for industrialised countries for 2010 and 2011. In Switzerland’s case, it expects growth of 1.8 and 2.2 per cent, up from its previous forecast of 0.9 and 1.9 per cent.

The Paris-based institution said Gross Domestic Product (GDP) in industrialised countries is projected to rise by 2.7 per cent this year and by 2.8 per cent in 2011. These are upward revisions from the previous, November 2009, forecasts which predicted growth of 1.9 per cent (2010) and 2.5 per cent (2011).

Economic activity will increase about twice as much in the United States as in Europe, where growth in the Euro zone will be modest at 1.2 and 1.8 per cent in 2010 and 2011 respectively.

However, the OECD said “volatile sovereign debt markets and overheating in emerging-market economies are presenting increasing risks to the recovery”.

With regard to Switzerland, the OECD said the government had gone some way to reduce the risks stemming from a potential large bank failure. Measures included tightening capital requirements for the two big banks, UBS and Credit Suisse.

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