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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