('’)

Bookmark on Delicious

The global economic recovery will accelerate next year, prompting the Organisation for Economic Co-operation and Development to double growth forecasts.

Its 30 member countries are now expected to grow by 1.9% in 2010, up from 0.7% previously, although it says governments must now balance their books.

Britain, seen expanding by 1.2% next year, has to get to grips with its budget deficit, the OECD warns, as figures showed the UK's borrowing at a record for October.

The institution's annual Economic Outlook increased targets for global economic expansion to 3.4%, having shrunk by 1.7% in 2009.

America should grow by 2.5%, reversing this year's contraction, Japan will grow 1.8% and Germany 1.4%, but non-OECD members will trump those numbers.

Eggheads at the OECD say China will grow 10.2%, India 7.3%, Russia 4.9% and Brazil 4.8%.

OECD's chief economist, Jørgen Elmeskov, said: "Preparing exit strategies cannot be put off. Many of the interventions, while appropriate during the crisis, would be harmful if they stayed in place for too long," said the.

"It is regrettable that so few exit strategies have so far been articulated - with, for example, less than half of OECD countries having announced medium-term fiscal consolidation programmes with a clear description of the instruments to achieve the final target."

Minutes of this month's Bank of England policy meeting showed the committee split three ways on whether to ramp up its programme of quantitative easing.

Seven of the nine members of the Monetary Policy Committee voted to raise the amount by £25bn to £200bn, but one voted for a larger increase and one for no change.