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OECD slashes global growth forecasts

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OECD slashes global growth forecasts

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The debt crisis in the recession hit euro zone is the biggest threat to the global economy, according to the Organisation for Economic Cooperation and Development.

As a result the OECD has slashed global growth forecasts.

The think-tank urged central banks to prepare for monetary easing if the politicians fail to find a way out of the financial mire.

The euro zone faces two more years of economic contraction, while the US is staring at recession if a deal is not reached on the so-called fiscal cliff.