NEW YORK (TheStreet) -- The Organization for Economic Cooperation and Development (OECD) has announced, in its latest biannual economic outlook report, that it is seeing accelerating economic recovery in the world's wealthiest nations, driven by a rebound in Asia.
However, the OECD warns that the serious financial instability that beset the global economy in the fall of 2007 is hardly resolved, according to the
says that this biannual report warns of "serious risks," including the debt crisis in Europe and the possibility of a boom-bust occurrence in the emerging markets of Brazil, India and China. The OECD is emphasizing austerity measures to pare down massive European deficit problems.
On Wednesday, the group raised its economic growth forecast for member nations -- including the U.S., Japan, Germany and U.K. -- to 2.7% this year, up from its 1.9% forecast last November; still, the OECD expects the Japan and U.S. economies to outpace Europe, according to
-- Reported by Andrea Tse in New York
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.