Pier Carlo Padoan, chief economist at the OECD, on Thursday asked central banks not to raise interest rates, warning a new recession cannot be ruled out.

During a presentation of the OCED's latest Interim Economic Assessment, Padoan said: "Growth is turning out to be much slower than we thought three months ago, and the risk of hitting patches of negative growth going forward has gone up."

The report showed economic recovery has come close to a halt in major industrialised economies, with