In just four months since its last May forecast the OECD has changed its forecast for the Eurozone, slashing its growth figures for 2014 to just 0.8%, and suggesting 2015 will be little better, at 1.1%.
The OECD has also revised American growth down but it remains much stronger than Europe’s anemic progress.
The organisation is calling for the ECB to announce a much more aggressive financial stimulus package to ward off the risk of deflation in a subdued euro zone and boost growth ahead of the G20 meeting in Australia later this week.
The US is likely to echo the OECD’s call at the G20.
