OECD: World economy picking up but Europe lagging

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Associated Press

Posted on March 28, 2013 at 5:02 AM

Updated Thursday, Mar 28 at 5:06 AM

PARIS (AP) — A leading international economy body says the global economy is beginning to rebound, but Europe is lagging.

The Organization for Economic Cooperation and Development expects growth to accelerate in Japan and the United States in the first half of 2013. And though Germany will bounce back strongly, it says other countries in Europe will contract or only grow slowly.

In an interim assessment that focused on the Group of 7 leading industrial economies, the OECD says Thursday that the European Central Bank needs to do more to encourage banks to lend and economies to grow.

It notes that countries that use the euro are making progress in reducing their debts, but that some should be allowed to meet their targets more slowly to temper the impact on the economy.

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