The world economy is slowing down due to a combination of factors such as the euro zone's debt problems and a weak U.S. housing sector, but it is not headed for a double-dip slump, the head of the OECD said on Monday.
"We do not believe there is a return to a recession," Angel Gurria, secretary-general of the Organization for Economic Co-operation and Development (OECD), told reporters when asked if recent signs of a slowdown pointed to a major weakening in the global economy.
He cited political turmoil in the Middle East, debt problems in euro zone economies, higher commodities prices, the devastating March earthquake in Japan and fractious U.S. budget negotiations as some of the factors behind the cooldown.
"We do not believe there is a return to a recession," Angel Gurria, secretary-general of the Organization for Economic Co-operation and Development (OECD), told reporters when asked if recent signs of a slowdown pointed to a major weakening in the global economy.
He cited political turmoil in the Middle East, debt problems in euro zone economies, higher commodities prices, the devastating March earthquake in Japan and fractious U.S. budget negotiations as some of the factors behind the cooldown.
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