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Forecasts of growth in America and the euro area in 2002 have also been trimmed.In this section ECONOMIC FORECASTS COMMODITY PRICE INDEX PRICES AND WAGES OUTPUT, DEMAND AND JOBS Reprints.
The table also shows the highest and lowest forecasts of growth.
New forecasts of growth and borrowing should be made by an independent Office for Budget Responsibility for this emergency budget.
"One of the unpleasant aspects of what happened is that we kept revising forecasts of growth in the euro periphery down," he said.
With fears that the tumult in the American economy may lead marketers to cut budgets for next year, the Olympic campaigns could make the forecasts of growth in global ad spending in 2008 come true.
The lesson is that as interest rates and inflation move closer to zero, central banks need to cut interest rates more forcefully than would normally be called for by forecasts of growth and inflation.
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The government is sticking to its forecast of growth of 5% this year.
Officials now expect growth of 2.9 percent to 3.4 percent in 2014, compared with a December forecast of growth from 3 percent to 3.5 percent.
This week the IMF cut its July forecast of growth in 2008 by almost a full percentage point, to 1.9%.
The OBR admits that its own forecast of growth hovering around 2.5% only has a 40% chance of being right by 2011 and only 30% by 2014.
That might justify, the experts reckon (with eyebrows raised), his forecast of growth at around 2.5% a year for the whole of the rest of the parliament.
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