G7 economies 'on track' says OECD

The global economy is motoring again, says the OECD

The global economy is generally back on track after last year's post-hurricanes dip, said the Organisation for Economic Co-operation and Development (OECD).

Looking at the Group of Seven (G7) most developed economies, the OECD said the storms that hit the US Gulf of Mexico coast had only had a temporary effect.

The OECD said growth was again meeting targets against a backdrop of high energy prices but low interest rates.

Eurozone growth was slowest but should grow stronger by the summer, it added.

'Robust US'

By comparison, the UK economy was continuing to meet its growth potential, and Japan was "now enjoying a broad-based recovery", driven by exports, business investment and consumer spending.

In the US, the economy had rebounded sharply in the first quarter of 2006.

"[US] job creation has remained robust and business confidence is consistent with above-par growth in the near term," said the OECD.

The G7 comprises the US, UK, Japan, France, Germany, Italy and Canada.