Given the continued fragility of government finances in many countries, the organisation warned that if any of these risks materialised, they could lead to further disruption in the financial markets.
In a veiled reference to the impasse in Congress over the US federal debt ceiling, the report called for "unblocking political stalemate" in order for governments to credibly commit to reining in their budget deficits.
However, provided commodity prices do stabilise, the OECD said that the effect of recent price rises and of the devastating Japanese earthquake on world economic growth were expected to fade, with the recovery picking up by the second half of the year.
Indeed, the OECD economists pointed to the possibility of strong pent-up demand for durable goods among Western consumers, and for capital equipment by firms, as a reason why growth may take off more rapidly than forecast.
For the UK, the organisation predicted sub-par growth of just 1.4% this year, rising to 1.8% in 2012, while unemployment is expected to remain stubbornly above 8% over the next two years
The report voiced support again for the government's austerity programme, which "strikes the right balance", while calling on the Bank of England to begin raising rates this year.
Other policies it recommended for the UK included the elimination of VAT exemptions in order to fund higher infrastructure spending, as well as a further rise in the retirement age.
The OECD is an association of 34 developed countries, including the US, Japan and European countries, that sponsors economic reform and trade.
Source: BBC News