Doing more with less
The Organisation for Economic Cooperation and Development (OECD) revised down its forecast for the UK economy in 2009.
It warns that the UK is still in a sharp recession. Output is set to contract by 4.3% in 2009, worse than the OECD’s previous forecast of a 3.7% fall. It predicts zero growth in the UK economy in 2010 and says the UK budget deficit will hit 14% of GDP next year. Its UK forecasts are worse than those the Treasury made during the Budget.
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