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OECD Finds Global economic recovery losing steam

The global economic recovery is stalling, leaving the euro zone stuck in a mild recession, and the United States at risk of following suit, the OECD said on Monday, sharply cutting its forecasts.

(Reuters) - PARIS - The OECD sharply cuts its forecasts, warning that the threat of even more devastating downturns looms if the euro zone does not get to grips with its debt crisis and U.S. lawmakers fail to agree a spending-reduction plan.

In the absence of decisive action from euro zone leaders, the European Central Bank (ECB) alone has the power to contain the bloc's crisis, the Paris-based Organization for Economic Cooperation and Development said. In the United States, however, the Federal Reserve had little ammunition left.

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People waving Argentinian flags

December 18, 2022, Buenos Aires, Argentina. Argentinian fans celebrating their World Cup victory.

Roberto Tuero / SOPA Images via ZUMA Press Wire
Ignacio Pereyra

“I’m overwhelmed and I’m not even Argentinian — happy to see people happy,” a friend who lives in Greece, where his partner is from, wrote to me. My friend, who is half-German and half-American, was moved by the jubilant images of millions of people celebrating in the streets of Argentina after Lionel Messi lifted the World Cup in Qatar.

His message came to me while I was reading about how the title might or might not affect the country and its people, but, above all, as I was also asking myself something simpler: Why are Argentine fans so happy — even weeks after winning the World Cup?

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