OECD has bleak economic outlook for the UK

The Organisation of Economic Cooperation and Development (OECD) recently publicised its prediction that the UK economy is heading for a “significant down-swing” that will become more pronounced with even lower house prices in 2009.

According to a report in The Guardian, the OECD’s half-yearly report indicates an expected economic growth rate of only 1.8% this year, and predicts a 1.4% decrease in 2009 – which would be the lowest growth rate since the 1992 economic recession.

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Acting Chief Economist, Jorgen Elmeskov, explained: "The Bank now faces an important challenge in getting the balance right between preventing a significant undershoot of the inflation target in the medium term without risking a further drift up in inflation expectations as inflation continues to rise in the near term."

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