The global recession is coming to an end faster than thought a few months ago and may already be over, according to the OECD. However, recovery will rely on massive government spending and low interest rates for some time.

The Organization for Economic Co-operation and Development issued forecasts showing a broad return to economic expansion in the third quarter of 2009.

In an interview with Reuters, OECD chief economist Jorgen Elmeskov said: “"Compared with expectations a few months ago, we now have a recovery which ... may be coming a little earlier and it may be slightly stronger because financial conditions have improved more rapidly than we assumed a few months ago,"

The OECD forecasts show a third-quarter return to annualized quarter-on-quarter growth in the United States of 1.6 percent, 1.1 percent in Japan, and 0.3 percent in the 16-country euro zone, led by its two largest economies, Germany and France.

The pickup that started with a "quite dramatic turnaround" in China and other Asian emerging market economies in the second quarter remained heavily dependent on government stimulus and ultra-low interest rates across the world, Elmeskov said.