New Delhi: The global downturn was effectively declared over on Monday by the Organisation for Economic Co-operation and Development (OECD) revealing that clear signs of recovery are now visible in all seven leading Western economies, as well as in BRIC (Brazil, Russia, India and China) nations.
The OECD's indicators suggest that activity is now improving in all of the world's most significant 11 economies - the leading seven consisting of the US, UK, Germany, Italy, France, Canada and Japan, and the BRIC nations, and in almost every case at a faster pace than previously.
While the improving economic outlook has prompted calls for the governments to begin reining back the fiscal stimulus programme they launched to prevent recession becoming depression, there has been little sign yet of any imminent rise in inflation.
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