OECD: Europe remains threat to world economy
PARIS—The recession in Europe risks threatening the world’s economic recovery, a leading international body warned yesterday. In its half-yearly update, the Organisation for Economic Cooperation and Development (OECD) said that protracted economic weakness in Europe “could evolve into stagnation with negative implications for the global economy.” The OECD again slashed its forecast for the 17 European Union countries that use the euro, saying it will shrink by 0.6 per cent this year, after 0.5 per cent drop in 2012.