OECD chief says world economy getting better

The head of the Organisation for Economic Co-operation and Development (OECD) has said the world economy is no longer in "free fall" and that there will be a return to growth in the months ahead.

Speaking in Madrid, Angel Gurria predicted that the US will be out of recession faster than other leading economies, due to the larger size of the government economic stimulus package in place there.

He explained in response to a news conference question: "The issue of recovery does not mean that we start to have very clear positive figures but that first the world economy stops contracting."

Such a prediction may encourage those thinking of buying property in the USA.

Mr Gurria's prediction may suggest that the US recovery will catch up with and overtake those in economies where there has already been a noted slowdown in the contraction, according to the OECD's own figures.

These were shown in the composite leading indicators list and pointed to Britain, France and Italy as the countries where the downturn has been losing pace the fastest.

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