OECD forecasts weak outlook to global economy (2)

The GDP growth across the OECD was expected to match 2012 growth of 1.4 percent in 2013, before gathering momentum to 2.3 percent for 2014.

Economy of the 17 eurozone member states would contract by 0.4 percent in 2012 and by 0.1 percent in 2013 "despite recent policy measures that have damped near-term pressures," according to the report.

As to European measures to address debt crisis and stimulate growth, OECD chief economist urged "ambitious reforms" able to boost wealth creation and make the adjustment more symmetric.

"Adjustment of deep-rooted imbalances across the euro area has begun, but much more is needed to ensure long-term sustainability, including structural reform in both deficit and surplus countries," the OECD said.

Accordingly, the organization suggested that "progress towards a fully fledged banking union is essential to complete the architecture of the euro area and to facilitate disentangling sovereign and banking sector fragilities."

Provided the "fiscal cliff" is avoided, U.S. growth is projected at 2 percent in 2013 before rising to 2.8 percent in 2014.

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