The Organization for Economic Co-operation and Development says the world economic recovery has slowed and is cutting its forecast for growth in developed countries in 2011.
The Paris-based organization is also warning that the global economic crisis has brought “public deficits and debt to unsustainable levels.”
The OECD issued a report yesterday ahead of the Group of 20 summit of rich and developing countries in South Korea next week.
The watchdog group for 33 of the world’s most developed economies forecast 2010 growth for its members at between 2.5 and 3 per cent of gross domestic product — a wider range than in its previous forecast of 2.7 in June. It also lowered its growth forecast for next year to 2 to 2.5 per cent, down from 2.8 per cent.