OECD makes grim forecast for European growth


The Organisation for Economic Cooperation and Development (OECD) has warned that the UK and the eurozone could be entering a recession, and has cut its global growth forecast.

In the UK, the OECD predicted the economy would shrink in the fourth quarter by just 0.02% and by 0.14% in the first quarter of next year.

For the eurozone, the OECD's predictions are -1% this quarter, and -0.4% next.

Pier Carlo Padoan, the deputy secretary-general and chief economist at the OECD said "the situation is of particular concern in the eurozone" and warned of "contagion in the euro area".

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.