The Organization for Economic Cooperation and Development cut its growth forecasts, warned of the risk of a “major” global recession and urged the European Central Bank and the People's Bank of China to ease monetary policy.
“After five years of crisis, the global economy is weakening again,” OECD Chief Economist Pier Carlo Padoan said today in the organization's semi-annual Economic Outlook. “The risk of a major contraction cannot be ruled out.”
U.S. gross domestic product will rise 2.2 percent this year and 2 percent next, down from predictions of 2.4 percent and 2.6 percent in May, according to the report. The euro area will shrink 0.4 percent and 0.1 percent in those years, compared with a 0.1 percent 2012 contraction and 0.9 percent 2013 growth expected in May.
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