This content is not available in your region

OECD slashes global growth forecasts

OECD slashes global growth forecasts
Text size Aa Aa

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.