The Organization for Economic Cooperation and Development says the economic recovery is close to stalling in the major industrialized nations.

Experts from the OECD published the economic assessment Thursday in Paris, and also said growth remains strong in most emerging economies, but at a more moderate pace.

The 34-member organization includes the United States, Japan, Germany and other top world economies.

OECD Chief Economist Pier Carlo Padoan said there is an increasing risk that some economies will shrink rather than grow for a while.

Part of the problem is the low level of consumer and business confidence, which has been hurt by the debt crisis, stock market turbulence, and political disputes. Low levels of confidence make consumers unwilling to spend and businesses less likely to invest, hampering economic growth.

The report says confidence and growth could be helped by lowering interest rates or taking other steps to make it easier to borrow the money businesses need to expand and hire people.

The OECD said some nations have cut debt and urged others to follow suit. But the report’s authors also cautioned that slashing spending too quickly could slow the fragile recovery.

The report’s findings are one of many things on the minds of finance ministers of the G7 wealthy industrialized nations as they gather for talks in France on Friday.