Emerging economies' performance boosts OECD's forecast

PARIS - The Organization for Economic Cooperation and Development (OECD) raised its growth forecasts for this year and next as emerging economies such as China outpace debt-burdened developed countries to drive the global expansion.

The economy of the OECD's 30 members will grow 2.7 percent this year, more than the 1.9 percent predicted in November, the Paris-based group said in a report. Including non-members such as China, the global economy will expand 4.6 percent this year and 4.5 percent in 2011, compared with an average of 3.7 percent during the decade through 2006.

"A first substantive risk is related to developments in sovereign debt markets," OECD Chief Economist Pier Carlo Padoan wrote in the report.