OECD: euro collapse would have ‘highly devastating outcomes’ worldwide

The collapse of the euro could send the world’s advanced economies into a severe recession, dragging emerging markets with them into the mire, the Organisation for Economic Co-operation and Development warned on Monday.

The Paris-based thinktank slashed its forecast for growth among its 34 members from 2.3% half a year ago to 1.6%, with Europe dramatically downgraded from 2% to just 0.2% because of the unresolved sovereign debt crisis.

Pier Carlo Padoan, OECD chief economist, made plain in the body’s latest six-monthly economic outlook that the greatest threat to global economic health comes from the eurozone rather than from the tax-and-spend gridlock in the US Congress.

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About Giorgio Bertini

Director at Learning Change Project - Research on society, culture, art, neuroscience, cognition, critical thinking, intelligence, creativity, autopoiesis, self-organization, rhizomes, complexity, systems, networks, leadership, sustainability, thinkers, futures ++
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