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OECD expects China's economy to grow by 7.8% in 2013

Xinhua | Updated: 2013-05-30 10:15

China's economy is expected to grow by 7.8 percent in 2013 and 8.4 percent in 2014, said the Organization for Economic Cooperation and Development on Wednesday in its latest outlook report.

Global economy growing is gradually strengthening in the coming two years but divergency exists across countries, said OECD.

The United States is likely to grow faster than other large OECD economies, with a projection of growth of 1.9 percent in 2013 and 2.8 percent in 2014.

The OECD figure showed that growth in Japan will be irregular, its economy is expected to rise by 1.6 percent in 2013 before decline to 1.4 percent in 2014. The Euro area will remain in recession before picking up in 2014 to reach 1.1 percent.

The total growth of OECD economies will be at 1.2 percent in 2013 and 2.3 percent in 2014.

Economy growth of emerging economies is generally stronger than that of advanced economies, but also at diverging rates, the OECD said.

The OECD identifies unemployment as the most daunting challenge facing the euro area, and called for more efforts to tackle it.

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