India, China and the United States are leading the world economy’s recovery but recovery is “still too timid” to halt the continuing rise in unemployment, according to Organisation of Economic Cooperation and Development’s (OECD) latest economic outlook released on Thursday.
China, which is set to growth by 8.3 per cent in 2009 and 10.2 per cent next year, is leading the global recovery, helped by its limited direct exposure to the financial crisis and by a massive stimulus package.
The Indian economy, projected to grow by 6.1 per cent in 2009-10 and 7.1 per cent next year, has weathered the global downturn relatively well, it said.
“After slowing sharply in late 2008, growth recovered during the first half of 2009 and recent high-frequency indicators suggest that momentum is strengthening,” the report said.