The seventeen eurozone countries are heading for a recession in the fourth quarter although the Dutch economy will grow 0.3% next year, the OECD said on Monday.

The OECD predicts the eurozone economy will shrink in the fourth quarter by 1%, and by 0.4% in the first quarter of next year.
In the Netherlands, weak consumer spending gives most cause for concern, with a forecast contraction of 0.7% this year and a further 0.5% in 2012, the Paris-based organisation said.
‘Growth is projected to gradually pick up again from mid-2012, underpinned by stronger world trade and supportive monetary policy,’ the OECD said in its report on the Netherlands. ‘Unemployment could continue to rise until mid-2012 and currently high inflation pressures will ease.’