The OECD has cut its global 2013 GDP forecast to 3.1 per cent, from 3.4 per cent in November. Japan bucked the trend of GDP cuts, with the OECD predicting higher growth of 1.6 per cent, up from a prior estimate of 0.7 per cent growth.
Looking towards Europe, the organisation cut its Italian GDP forecast for the second time in a month, and suggested that the European Central Bank (ECB) try quantitative easing rate cuts. The OECD predicted that the ECB would cut the deposit rate to -0.25 per cent in June.
Greece's central bank has announced that it expects to return to positive growth in 2014, and that the change of a Grexit "is now remote".