OECD Predicts Eurozone Recession

The Organization for Economic Cooperation and Development (OECD) revised downwards its growth outlook for the Eurozone countries. The OECD predicted the eurozone economy would shrink in the fourth quarter by 1 percent, and by 0.4 percent in the first quarter of next year.

The technical definition of a recession is two consecutive quarters of negative growth and by these standards, the OECD also predicts a recession for the UK with a 0.03 percent contraction for the 4th quarter, and a 0.15 percent contraction for the first quarter of the new year.

Source: BBC News

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