Monday, November 28, 2011
OECD's call for action
Posted by David Smith at 11:00 AM
Category: Thoughts and responses

We should be clear that the OECD's new projections, if they turn out to be true, will not count as a dip back into recession in Britain. The 0.1% annualised decline in GDP it projects this quarter, 0.025% for the quarter itself, would be recorded by the Office for National Statistics as flat. The 0.6% annualised decline in the first quarter of 2012 is bigger, but equivalent to 0.15% as the ONS would record it. Flat rather than recessionary. The numbers are here.

The OECD's main message is an urgent call for eurozone leaders to get to grips with their crisis.