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Response to Tansy_Gold (Original post)

Tue May 22, 2012, 05:42 AM

29. Eurozone warned 'severe recession' looming

http://hosted.ap.org/dynamic/stories/W/WORLD_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-05-22-06-22-54

PARIS (AP) -- The 17-country eurozone risks falling into a "severe recession," the Organization for Economic Cooperation and Development warned on Tuesday, as it called on governments and Europe's central bank to act quickly to keep the slowdown from dragging down the global economy.

OECD Chief Economist Pier Carlo Padoan said the eurozone economy could contract as much as 2 percent economic this year, a figure that the Paris-based think tank had laid out as its worst-case scenario in November.

In its twice-yearly global economic outlook, the OECD - which comprises the world's most developed economies - said its average forecast was for the eurozone economy to shrink 0.1 percent this year and grow a mere 0.9 percent in 2013.

"Today we see the situation in the euro area close to the possible downside scenario" in the OECD's November report, "which if materializing could lead to a severe recession in the euro area and with spillovers in the rest of the world," Padoan told reporters before the report's release.

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