“The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euroarea instability do not plunge the world back into recession, according to the OECDs latest Economic Outlook. The world economy is far from being out of the woods, OECD Secretary-General Angel Gurría said during the Economic Outlook launch in Paris. The US fiscal cliff, if it materialises, could tip an already weak economy into recession, while failure to solve the euro area crisis could lead to a major financial shock and global downturn. Governments must act decisively, using all the tools at their disposal to turn confidence around and boost growth and jobs, in the United States, in Europe, and elsewhere, Mr Gurría said (read the full speech).”
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