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European recession slowing global economy: OECD

(Xinhua)

10:52, September 07, 2012

PARIS, Sept. 6 (Xinhua) -- The global economic growth outlook is weak as recession takes hold of major eurozone economies, the Organization for Economic Cooperation and Development (OECD) said Thursday.

"The global economy is slowing, with key European countries entering a recession that is now having an impact worldwide," said OECD's chief economist Pier Carlo Padoan while launching the latest interim economic assessment on global economic growth.

"Our forecast shows that the economic outlook has weakened significantly since last spring," Padoan told a press conference at the OECD headquarters in Paris.

The continuing euro area crisis is dampening global confidence, weakening trade and employment and slowing economic growth for OECD and non-OECD countries alike. Lower exports to the eurozone is hitting China in particular, Padoan noted.

"The slowdown will persist if leaders fail to address the main cause of this deterioration, which is the continuing crisis in the euro area," he said.

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