OECD slashes UK growth forecast for 2011 | Quality Wholesale store:www.global-e-world.com

Nov. 21, 2010 - PRLog -- OECD slashes UK growth forecast for 2011 | Quality Wholesale store:www.global-e-world.com

Austerity measures pose "headwinds" to British growth, the Organisation for Economic Co-operation and Development (OECD) warned, as it slashed its forecast for the UK in 2011.

The influential think-tank now predicts gross domestic product (GDP) will expand 1.7pc next year, far less than the 2.5pc foreseen in its May economic outlook.

Nonetheless, the Paris-based OECD judged the Coalition's fiscal tightening "substantial but necessary", even as official data showing that the coming VAT rise will shave 0.3pc off GDP next year caused ripples.

The OECD's revision will increase fears that official forecasts are too optimistic, coming after the Institute of Directors this week cut its 2011 growth expectations for the UK to 1.2pc from 1.8pc and argued the need for "greater realism" over the economy.

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