( CNN ) -- The global recovery is emerging , but it has two speeds : That of the stimulus-fed U.S. and that of the austerity-starved eurozone , according to a new report . The Economic Outlook from the Organisation for Economic Cooperation and Development , released Wednesday , paints a picture of pain for some economies as major nations struggle to emerge from recession and unemployment in Europe soars to record levels . Read more : Portugal economy minister : 'We are suffering but will persevere ' The survey gives some ammunition to stimulus supporters with its projections showing the U.S. is emerging from the financial mire better than Europe , which is facing a new crisis of extreme youth unemployment . Growth in advanced economies should `` strengthen gradually '' from the middle of this year through to 2014 , the report found . Read more : OECD : End nears for Japan 's deflationary spiral . However , the upturn `` continues to diverge across countries , with the U.S. likely to grow faster than other large OECD economies . '' Euro area growth , the report continued , `` remains constrained by the lingering effects of the euro area crisis , the ongoing drag from fiscal consolidation and weaknesses in credit markets . '' The OECD used the outlook to call for bolder measures solve the crisis and faster movement toward a full-fledged banking union . Read more : Survey : Australia the 'lucky country ' for a better life . Writing in the report , Pier Carlo Padoan , deputy secretary-general and chief economist , said the European Central Bank could investigate more non-conventional ways to promote growth and the euro area needed to continue repairing deputy its banking system . Watch more : OECD 's video on economic outlook . `` As euro area policy has often been behind the curve , perceptions of strong disagreement among members states could have negative consequences on confidence and exacerbate fragmentation , '' he wrote . Greece , the first country to receive a European Union bailout more than three years ago , is now in its sixth year of recession . Meanwhile , its youth unemployment levels have shot over 60 % , according to Eurostat 's lastest figures . Stimulus or austerity ? Share your views and experiences . The report found labor markets would firm in the U.S. and Japan but unemployment would continue to rise in the euro area through 2014 . The report warned : `` Structural reforms are essential to prevent cyclical unemployment from becoming structural . '' The OECD said U.S. annual GDP growth will be 2.8 % in 2014 , up from 1.9 % in 2013 . The euro area will contract by 0.6 % in 2013 before growing by 1.1 % in 2014 . In total , the OECD countries will have GDP growth of 1.2 % in 2013 rising to 2.3 % in 2014 . Euro area unemployment is predicted to peak at 12.3 % in 2014 , from 12.1 % in 2013 .
Banks in advanced economies should ` ` ' gradually '' from the middle of this year through to 2014 . Greece , the first country to receive a bailout more than 20 years ago , is now in its sixth year of recession . The OECD uses the crisis to call for faster movement toward a full - fledged eurozone banking union .