The European Union, the world’s largest single market representing more than 30% of global GDP, is likely to face recession in the coming year, according to the Organisation for Economic Co-operation and Development (OECD). In late November, the Paris-based think tank forecast that the eurozone economy, comprising 17 of the European Union’s 27 members, will decline 1% in the fourth quarter and an additional 0.4% in the first quarter of next year. Meanwhile, the United Kingdom’s economy is expected to contract 0.03% and then 0.15%. Largely as a result of the problems in Europe, the OECD projects that global growth will drop from 3.8% this year to 3.4% in 2012. While global trade is expected to rise 6.7% by the end of this year, the OECD predicts trade growth to decline to 4.8% during 2012. Wharton management professor Mauro Guillen says the European debt crisis and looming economic contraction will be key factors behind any slowdown of trade.…