Sep 15, 2014 6:37 AM
Eurozone economic growth forecast cut
The Associated Press
FRANKFURT, Germany (AP) A major international organization has cut its growth forecast for the countries that use the euro and says the troubled currency union needs even more stimulus from the central bank and governments.
The Organization for Economic Cooperation and Develop, a think tank dealing with the world's developed countries, cut its forecast for the eurozone this year to 0.8 percent from 1.2 percent in its May assessment.
The Paris-based OECD also cut its growth forecasts for the U.S. and several other large economies.
The OECD said Monday the European Central Bank needs to do more to help growth in the eurozone, including large-scale bond purchases, to expand the amount of money in the financial system a move known as quantitative easing.