Recession Will End This Year

But growth will be sluggish through 2010, says Paris development group

By Jason Farago

Posted Jun 24, 2009 6:53 AM CDT

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The US recession will end this year, but fragile financial markets and sapped consumer wealth will keep the pace of recovery sluggish, an influential Paris-based economic prognosticator said today. The OECD—Organization for Economic Cooperation and Development—predicted that the US economy will shrink by 2.8% this year and grow by just 0.9% in 2010. The OECD also said that the housing market slump "may be approaching an end" and that the supply of unsold homes is declining.

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