(MENAFN) The Organization for Economic Cooperation and Development (OECD) has warned that the sluggish eurozone recovery is a drag on the global economy, Khaleej Times reported.
The OECD also cut growth forecasts for most major advanced economies, attributing it to the increased tension over conflicts in Ukraine and parts of the Middle East.
The organization cut its 2014 forecasts for the euro area by a third to 0.8 percent from the 1.2 percent expansion it previously estimated, expressing worries of the slow growth in the area.
US growth was cut by a fifth to 2.1 percent from 2.6 percent, Japan's was cut by a quarter to 0.9 percent from 1.2 percent, while that of Britain was cut to 0.1 percent and China's stood steady at 7.4 percent.
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