OECD takes axe to world growth forecasts.

 The OECD has cut its prediction for global growth to 2.9% this year from a previous forecast of 3.4%. In its twice-yearly report, the organization also said growth in 2013 will increase to 3.4% rather than 4.2%. The OECD cut its estimates for the U.S. as well - predictably warning about the fiscal cliff - and said the eurozone will shrink in 2012 and 2013 before recovering in 2014.