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OECD Cuts Global Growth Forecasts

ECB and Peoples Bank of China should ease policy, OECD says.

By Mark Deen, Bloomberg | Updated on November 27, 2012

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.”

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