OECD: Global economic growth improving

The Organization for Economic Cooperation and Development, or OECD, has issued a slightly pessimistic view on the global economic outlook on Wednesday.

In its twice-yearly Economic Outlook, the Paris-based organization estimates the global economy will expand 3.1 percent this year, and accelerate to 4 percent in 2014.

The US economy is projected to expand 1.9 percent this year and 2.8 percent in 2014, which would be the country's best rate since 2005. In contrast, the euro zone is estimated to remain in recession for a second year, contracting 0.6 percent this year and only return to growth next year, by a rate of 1.1 percent.

For Japan, the OECD lifted its estimate, saying the BOJ's moves to ramp up its monetary stimulus aggressively would help its economy grow 1.6 percent this year and 1.4 percent for next year.