The OECD has revised downwards its growth forecast for Ireland this year – from one per cent to 0.6 per cent.
In its latest outlook, it says unemployment will hit 14.5 per cent this year – but will decrease slightly to 14.4 per cent next year.
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And it says the adjustment in Ireland would be aided by a rapid resolution of growing mortgage arrears.
The OECD has also warned that the Euro area crisis remains the most important threat to the global economy.
