OECD says slow eurozone holding back global economy

The Organisation for Economic Co-operation and Development (OECD) says that a slow recovery among countries using the euro is a factor hindering global economy.

According to the BBC, the market economy group slashed its growth forecast for most big economies.

The OECD said that conflicts in Ukraine and the Middle East and the referendum on an independent Scotland are areas of risk and uncertainty.

The organisation has estimated an increase of 0.8 percent in the eurozone economy for 2014 against an earlier forecast of 1.2 percent made in May.

US economic expansion for 2014 was cut to 2.1 percent from 2.6 percent. Japan's forecast was cut to 0.9 percent from 1.2 percent.

The OECD said that continued slow growth in the euro area is the most worrying feature of the projections.