Industrialized economies have remarkably endured the last two years' oil shock and showed accelerating growth, but they remain vulnerable to new surge of oil prices, the OECD said Tuesday.

The Organization for Economic Cooperation and Development ( OECD) revised slightly up in its biannual economic outlook its growth forecast for all its 30 member states at 2.7 percent in 2005 and 2.9 percent in 2006, compared to respectively 2.6 percent and 2.8 percent in its previous report in May.

The world economy has grown in recent months from North America to Asia. There's still a growth gap between the three big zones: the US economy is set to grow by 3.6 percent this year, by 3.5 percent in 2006 and by 3.3 percent in 2007; growth in the eurozone will be 1.4 percent this year, 2.1 percent next year and 2.2 percent in 2007; and the Japanese growth is to be 2.4 percent this year, 2.0 percent in 2006 and 2.0 percent in 2007.

In all, the global growth has been "exceptionally vigorous", provoking prices hike in oil and raw material markets, said the OECD.

The increase of oil prices has not led to "second-round effect", meaning feeding the salary increase at the risk of an inflationary spiral, it said.

The Paris-based organization called on the European Central Bank (ECB) to wait for Autumn 2006 before raise its key interest rate and warned of several substantial risks, such as "a renewed surge in oil prices, ever-worsening current account imbalances and abrupt exchange rate realignments, as well as long-term interest rate back-ups and asset price reversals".

The OECD that groups 30 developed countries fears for a disordered solution by the devaluation of US dollar, followed by rises of global interest rates and then the collapse of the world economy.

Source: Xinhua