OECD also waking up to the reality of a slowdown

Growth is weakening and inflation is likely to remain high across most OECD countries, according to the OECD Economic Outlook. US activity is now projected to be flat through 2008 (and that is still deceptive) and the Euro area economy growth will also be restrained by tighter credit and lower export market growth.

The culprits, as identified over a year ago by your analyst: financial market dysfunction and inflation.

BBC report here.