OECD economic forecasts: How bad will it get?

Worsening forecasts for jobs and growth in the OECD AS THE leaders of the G20 countries gather in Washington, DC, to discuss the financial crisis on Saturday November 15th, the economic outlook is grim. Gloomy forecasts just released by the OECD predict that America, Japan, the euro area and the OECD as a whole will slide into recession in 2009—if they are not already there. Barack Obama faces a tough challenge: America's output is set to shrink by 0.9%, although it should bounce back more strongly the following year. Inflation will continue to fall, although Japan will again suffer from deflation. And the unemployment rate will climb to 7.5% in America and 9% in the euro area. ...