The Organisation for Economic Co-operation and Development (OECD) has warned of a "severe" economic downturn in the UK in 2009.
The Paris-based body has predicted that economic output in the UK will fall by 1.1% next year, more than any other major G7 country. The US economy is forecast to decline by 0.9% in 2009, and Germany by 0.8%. Economic growth in the 30 countries of the OECD is forecast to fall by 0.4%, before growing by 1.5% in 2010.
As well as the UK, the OECD identifies Hungary, Iceland, Ireland, Spain and Turkey as being the countries most affected by the economic slowdown. "These economies are most directly affected by the financial crisis, which in some cases exposed other vulnerabilities, or by severe housing downturns," it says.
"Hungary, Iceland, Ireland, Spain and Turkey as being the countries most affected by the economic slowdown"
They will all be living in Britain anyway I would imagine...