US, eurozone set to exit recession in Q3: OECD

PARIS: The United States and the eurozone are on track to jump out of recession in the third quarter of this year but the outlook is still highly uncertain, the OECD said in a report released on Thursday.

The Organisation for Economic Cooperation on Development, a Paris-based grouping of 30 developed economies, forecast annualised quarterly growth of 1.6 percent in the US economy and 0.3 percent in the euro area.

But the report on prospects for top G7 economies gave a margin of error of 1.9 percent for the US forecast and of 1.3 percent for the eurozone forecast, underlining uncertainty and implying that recession could endure in both the economic giants.