Downing Street Says » OECD Predictions

» Wednesday, June 24, 2009

OECD Predictions

Asked to comment on the predictions, the PMS replied that there were a range of forecasts at the moment. This was clearly a very uncertain period. What the OECD forecast showed, as many other forecasters showed was that for 2009, Britain was being affected by the downturn, but other countries such as Germany, Italy, Japan and the Euro area were being affected more. We went into the downturn with lower levels of public sector debt, which meant we could increase our deficit in order to help families and businesses through this downturn.

That could explain why, despite the fact that this was a global downturn that had hit the financial sector, we were doing better than a number of other countries as forecast for this year by the IMF, the OECD and others.

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