OECD slashes 2013 growth forecast

OECD slashes 2013 growth forecast The Organisation for Economic Cooperation and Development has slashed its forecast for growth in the world’s advanced economies in 2013 and warned that the risk of a serious global recession cannot be ruled out.
In its economic outlook, published on Tuesday, the OECD said it expected growth of 1.4 per cent next year in the group of 34 wealthy economies that make up the membership of the Paris-based organisation – down from 2.2 per cent forecast in May – and called for several of its members to step up their policy response.
“Over the recent past, signs of emergence from the crisis have more than once given way to a renewed slowdown or even a double-dip recession in some countries,” said Pier Carlo Padoan, OECD chief economist. “The risk of a major contraction cannot be ruled out.”

http://link.ft.com/r/VKY5JJ/IEEPC6/UUPHQX/B5BS17/SUHROM/28/h?a1=2012&a2=11&a3=27