News release: “Economic activity is expected to fall by 0.9 percent in the US next year, by 0.5 percent in the Euro area and by 0.1 percent in Japan as OECD countries enter a protracted slowdown, according to latest projections. Presenting OECD’s gross domestic product (GDP), inflation and unemployment forecasts for these three major economies ahead of the G20 summit on the financial crisis on 15 November, Jorgen Elmeskov, Director of Policy Studies in the OECD’s Economics Department, said a high degree of uncertainty surrounds the outlook. Much depends on the depth and duration of the financial crisis, the main driver of the current recession. And he added, “The ongoing adjustment in housing markets still has a long way to go.”