The Organization for Economic Co-operation and Development is slashing its forecast for global growth.
At the same time, the OECD is warning the Eurozone is facing a serious risk of persistent stagnation.
OECD Secretary General Angel Gurria,
"Once again we've marked down global growth. We're now projecting three and a half percent for next year, almost half a percentage point lower than what we foresaw six months ago. Growth and inflation are also worryingly low, especially in the euro area and we now see serious risks of persistent stagnation."
The OECD is calling on the European Central Bank to step up support for the Eurozone economy and take further monetary measures to keep long term interest rates low.
Meanwhile, European Central Bank chief Mario Draghi says the bank is preparing to offer more stimulus should the overall economy worsen.
"Should it become necessary to further address risks of too prolonged a period of low inflation, the governing council is unanimous in its commitment to using additional unconventional instruments within its mandate."
But Draghi has stopped-short of announcing any new monetary support.
ECB has also kept its main interest rate unchanged at near zero.
