TUAC NEWS
OECD Economic Forecasts - Worst since the Thirties - Unions renew calls for coordinated international fiscal stimulus
25/11/2008
The OECD Economic Forecasts for 2009 shows that the main industrialised economies are now moving into recession and that GDP will fall for the OECD as a whole in 2009. This is the first year since the Second World War that production in, what is now, the OECD area will have fallen. Jobs are already being lost in key sectors and unemployment is forecast to rise across the OECD to more than seven per cent in 2010. Yet even these forecasts may prove optimistic as most of the risks are on the downside.
"These forecasts show the accelerating impact of the financial crisis on the real economy" said John Evans, General Secretary of the Trade Union Advisory Committee to the OECD. "They reinforce the need for a concerted international fiscal stimulus to support the real economy and jobs across the OECD. Action cannot wait."
Links:
The Global
Unions Washington Declaration: Trade Union Statement to the “G20
Crisis Summit”
OECD Economic Outlook N° 84