The OECD on Thursday cut its 2016 economic growth forecast by 0.3 percent to 3.0 percent owing to disappointing data, sluggish demand, weak investment and a "substantial" risk of financial instability.

"Financial instability risks are substantial," the Paris-based 34-member Organisation for Economic Cooperation and Development said in its latest interim outlook, urging a strong collective response to combat sagging global growth, which it predicts will not surpass 2015's already pallid showing.