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OECD: Europe weighing on global economy

Tuesday - 11/27/2012, 1:03pm  ET

Staff from the Clinico San Carlos hospital block the traffic outside the hospital during a protest against cuts in the national health service in Madrid, Tuesday, Nov. 27, 2012. Spaniards are angered by austerity measures, including budget cuts and plans to partly privatize some of their country's cherished national health service. Words on back of medical coats read: 'I am a doctor - ask me why I am here' (AP Photo/Paul White)

Associated Press

PARIS (AP) -- The global economy could easily slide back into recession if its major problems -- like U.S. budget standoffs and Europe's lack of jobs -- are left to fester, a leading international economic body said Tuesday.

In its half-yearly update, the Organization for Economic Cooperation and Development warned that the recovery will be "hesitant and uneven" over the coming two years and that a new major contraction cannot be ruled out.

"The world economy is far from being out of the woods," OECD Secretary-General Angel Gurr
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