OECD believes there won’t be another global recession

The global economy is slowing down in view of a number of factors such as the euro zone's debt problems and a weak U.S. housing sector, but is not headed for a double-dip slump, the head of the OECD said on Monday.

"No, that is not the case," Angel Gurria, secretary-general of the Organization for Economic Co-operation and Development (OECD), told reporters when asked if recent signs of a slowdown pointed to the global economy facing another downturn.

He pointed out to political turmoil in the Middle East, debt problems in euro zone economies, higher commodities prices, natural disaster in Japan and problems with the U.S. budgetary negotiations as some of the factors behind the slowdown.

"There is recovery. There are positive numbers (although) it is going to be a little softer than we thought initially," he said at a news conference in Seoul on the sidelines of a business conference that the OECD co-hosts.