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OECD cuts growth outlook to post-crisis low

The trade war between the United States and China is dragging down global economic growth to the lowest levels since the financial crisis.

That's according to the Organization for Economic Cooperation and Development, which said Thursday the world wide economy could face long-term damage if governments don't do more.

The OECD said the outlook had taken a turn for the worse since it last updated its projections in May, since trade tensions have fueled uncertainty as they take an increasing toll on confidence and investment.

OECD Chief Economist, Laurence Boone:

(SOUNDBITE)(ENGLISH) OECD CHIEF ECONOMIST, LAURENCE BOONE, SAYING:

"Between U.S. and China, just between the two of them, you can see how much harm it's already doing for investment this year and for the next two to three years. It's a massive draw down on the investment growth that we could have hoped to see."

The Paris-based organization sees world growth rates slowing from 3.6% last year to a mere 2.9% this year.