Spend for growth, OECD urges governments

The world risks getting caught in a low-growth trap, denting the future of generations to come, unless governments step up spending quickly, the OECD warned Wednesday. Tepid worldwide recovery since the global economic crisis in 2008 "has precipitated a self-fulfilling low-growth trap" said the Organisation for Economic Cooperation and Development's chief economist Catherine Mann said in its twice-yearly economic outlook. The OECD chopped its forecast for global growth this year to 3.0 percent,