The OECD has slashed its forecast for growth in 2013 and warned that the risk of a serious global recession cannot be ruled out.
In its economic outlook, published yesterday, the Paris-based group that aims to promote growth said it expected expansion of 1.4 per cent next year in the economies of its 34 member countries, down from 2.2 per cent forecast in May.
The group urged several of its members to step up their policy response.
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