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O.E.C.D., Slashing Growth Outlook, Warns of Global Recession
The Organization for Economic Cooperation and Development sharply cut its forecast for the world economy on Tuesday, warning that failure to resolve the euro crisis and to avert a fiscal impasse in the United States could trigger a global recession. The Paris-based O.E.C.D. predicted that gross domestic product in its 34 member nations, all developed economies, would expand by 1.4 percent in 2013, a significant downward revision from its forecast of 2.2 percent made just six months ago. That assumes that the United States agrees on a budget deal in January, averting billions of dollars in tax increases and automatic ... (full story)
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