OECD: Fiscal-cliff failure could trigger recession

MADRID (MarketWatch)
The Organization for Economic Cooperation and Development on Tuesday warned of a "hesitant and uneven recovery over the coming two years," saying it expects global growth of 1.4% this year and next
"The world economy is far from being out of the woods," said OECD Secretary-General Angel Gurría, in a press release as the group released its Economic Outlook
"The U.S. 'fiscal cliff,' if it materializes, could tip an already weak economy into recession, while failure to solve the euro-area crisis could lead to a major financial shock and global downturn
" Gross domestic product across the OECD could rise to 2.3% for 2014, according to the projections
For the U.S., it sees GDP of 2% in 2013 if the U.S. can avoid the fiscal cliff, rising to 2.8% in 2014
The euro area is expected to remain in recession until early 2013, leading to a mild contraction of 0.1% next year, before a pickup in growth to 1.3% in 2014