The OECD has reduced its forecast for global growth for 2015 and 2016.
It now estimates expansion will be 3% this year, followed by 3.8% growth in 2016. Earlier it had predicted growth of 4% and 4.3% respectively.
The world economy is expected to "strengthen gradually to approach its (pre-crisis) average pace by late 2016" while remaining “modest” compared to pre-crisis growth. It also noted that the recovery “has been unusually weak”.
However, it expected growth "to be shared more evenly across regions of the world" in the coming period.
Growth in the eurozone was forecast at 1.4% this year, followed by 2% next year.
Lower oil prices, the weak euro, better financial conditions and fresh stimulus spending are expected to bolster the recovery. Unemployment, however, will remain high and above 10% during 2015.
The OECD said a Greek exit from the eurozone could unset the area’s limited recovery.
"Failure to reach a satisfactory agreement between Greece and its official creditors would intensify perceptions of redenomination risks and uncertainty.
“Although the implications of such an extraordinary event are impossible to predict, they would most likely involve an aggravation again of financial fragmentation in the euro area, dampening real activity and restarting negative feedback loops between the real economy, the banking sector and the public finances in vulnerable euro area countries," it said.
