By Marcus Leach

Data from the Organisation for Economic Co-operation and Development (OECD) has warned that major economies are set to slow by the close of the year.

The OECD figures reveal that they expect a 0.3% growth in the UK in the last three months of the year, but went on to say that the economy could contract by as much as 1% amid high uncertainty over its projections.

The Group of Seven largest economies have been predicted to grow by just 0.2%, with Germany expected to be the worst affected.

With a downturn in global trade it is estimated that the German economy could contract by as much as 1.4% in the last quarter of 2011.

"Consumer and business confidence fell in major OECD economies on the back of weak incoming data, gridlock over fiscal policy in the US, the euro area sovereign debt crisis and growing concern that there is less policy ammunition to offset further weaknesses," the OECD said.

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