The recovery from the 2008 economic downturn is faltering, leaving the eurozone stuck in a recession, and the United States at risk of slipping back into one.
That's according to the Organization for Economic Cooperation and Development (OECD), which forecast Monday that global growth for 2012 would drop to 3.4 percent, down from 3.8 percent this year. Back in May, the Paris-based OECD predicted that the global economy would grow by 4.2 percent this year and 4.6 percent in 2012.
The OECD's top economist, Pier Carlo Padoan, told Reuters that deep spending cuts in the United States, including those that would be generated automatically if Congress fails to agree to a deficit reduction plan, would "likely generate a recession."
The grim outlook for the United States contrasts a bit with recent economic data, which have painted a picture of a U.S. economy that's a long way from firing on all cylinders, but not immediately at risk of falling into a recession.