The Organisation for Economic Co-operation and Development has revised downwards its forecast for growth for the 14 countries that use the European Union's common currency.
In its latest report, the Paris-based think tank predicts growth of 1.3 percent for the eurozone this year. That's down from its previous forecast of 1.7 percent. The OECD said in a statement that financial market turmoil, housing market downturns and high commodity prices were the main factors putting downward pressure on growth. However the report includes a sharp increase in forecast in growth for the US economy, up to 1.8 percent from 1.2 percent in June. It said this was due to unexpectedly strong data for the US economy in the second quarter.
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