The Organization for Economic Cooperation and Development (OECD) has revised its global growth forecast downward for 2013, attributing the change to persistent challenges in the euro zone and the effects of fiscal consolidation in the United States.

In its latest Economic Outlook, the OECD projects that the global economy will grow by 3.1% in 2013. This is a notable decrease from the organization’s earlier forecast.

Key factors contributing to the revised forecast include:

• The ongoing sovereign debt crisis in the euro zone, which continues to weigh on economic activity in the region.
• Fiscal tightening in the United States, which is dampening domestic demand.
• Slower growth in emerging market economies, particularly China.

The OECD also expressed concerns about the potential for further shocks to the global economy, such as a sharp rise in oil prices or a renewed escalation of the euro zone crisis.

The organization urged policymakers to take steps to support economic growth, including:

• Implementing structural reforms to boost productivity and competitiveness.
• Maintaining accommodative monetary policies.
• Investing in infrastructure and education.

The OECD’s revised forecast highlights the fragility of the global economic recovery and the challenges facing policymakers in their efforts to promote sustainable growth.