OECD warns Europe ahead of G20

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PARIS— The Associated Press
Published Monday, Oct. 31, 2011 6:26AM EDT
Last updated Monday, Oct. 31, 2011 7:28AM EDT

The Organization for Economic Co-operation and Development is warning of a “marked slowdown” in euro zone economies next year and says the European Union needs to clarify its anti-crisis measures.

In an update Monday of economic forecasts timed to coincide with this week's meeting of the Group of 20 major economies, the OECD says “patches of mild negative growth” are likely in the euro zone in 2012.

It says economic growth in the euro zone will stall at 0.3 per cent next year, after just 1.6 per cent growth this year.

The Paris-based OECD says “detailed information is needed” on how the EU will implement the package of measures announced last week aimed at resolving the European debt crisis, to prevent a repeat of the global crisis that hammered economies three years ago.