05-06-2008
OECD issues warning on economic slowdown
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The Organisation for Economic Co-operation and Development (OECD) has issued a warning on the extent of the current worldwide economic slowdown.
According to information released by the OECD, the organisation believes that there is a possibility that the current economic turmoil may last for a longer period than had initially been thought to be the case.
Moreover, the organisation confirmed its belief that growth levels in the UK would decline to a rate of 1.8 per cent over the course of 2008.
"Our forecast is more negative than the one we produced six months ago," said Jorgen Elmeskov, acting chief economist at the OECD, an organisation established in 1961 and headquartered in Paris.
"Some of the factors we were worried about, such as financial market turmoil, have actually come about."
The OECD believes that next year, growth levels in the UK will further deteriorate to 1.4 per cent.