OECD cuts global forecasts, names EU greatest threat to world economy

PARIS: The Organisation for Economic Cooperation and Development (OECD) has slashed its global growth forecasts, warning that the debt crisis in the recession-hit eurozone is the greatest threat to the world economy.

In light of the dire economic outlook, the OECD urged central banks to prepare for more exceptional monetary easing if politicians fail to come up with credible answers to the debt crisis.