World trade growth has slowed significantly according to the OECD.
The OECD has warned that the eurozone and UK could be entering a recession, and has cut its global growth forecast.
The OECD said the eurozone would shrink in the fourth quarter by 1%, and by 0.4% in the first quarter of 2012.
For the UK, the OECD’s predictions are a 0.03% contraction this quarter, and a further 0.15% next.
Separately, Bank of England governor Mervyn King told a committee of MPs that growth would be “flat or close to zero” over the next six months.
He told the Treasury Select Committee that he had no yet read the OECD report, but warned: “The outlook for output growth in the near term is considerably weaker than even three months ago.”
The OECD’s report also revised down its forecast for global economic growth to 3.8% this year and 3.4% next year.
A “negative event” in the eurozone, such as a default by Italy or Spain, could even cause a global contraction, the OECD said.
The Organisation for Economic Cooperation and Development represents wealthy countries such as those within the eurozone, the US and Japan.
"More than usual, world economic prospects depend on events," it warned.
In the absence of such an event, the OECD’s Economic Outlook predicted positive growth in the eurozone for 2012 as a whole of 0.2%, despite a shallow recession in the period September 2011 to March 2012.