You only tell us half of the story.
This is what the OECD really said:
In its economic forecast which was presented last week the
Organistion for Economic Co-operation and Development (OECD) forecast a continuation of the worldwide economic upswing, even though this will be slightly less intensive than so far.
Despite considerable risks posed by the slowdown on real estate markets, turbulences on the financial markets and high raw material prices, growth would only temporarily slow down in several member states and then regain momentum.
OECD forecast 2.1% economic growth for 2008 - Made in Germany
Pilot training is a long-term investment.
You're a B777 captain on a flight from LHR to BKK. METAR (actual weather) in Bangkok tells you that there's Thunderstorms but the TAF (forecast) says that it'll clear up hours before you get there. Will you, as the captain, cancel the flight??
The intermediary report you mentionned is only a METAR, but the TAF predicted that condition accurately and predicts that it will not last forever.
The worst has probably past, oil is now about steady at below 110$ and reached a 4 months low below 106$/barrel.
Gold reached a 10 months low.
The dollar itself is in a bubble right now because of the falling oil prices. Investors are watching closely as oil futures go down and traditional markets recover. As they trade their commodity futures for shares, the dollar hikes up temporarily. The dollar will start decreasing again by end of the year as the market stabilises from these extreme movements and the clouds clear out.
Probably euro to dollar will be traded at 1.47 after that and rise slowly, back to a stable 2007 level.
The pound is expected to fall further against the euro due to fears of a recession in the UK. The Euro is a very stable and strong currency. The pound is not. Being too nationalistic was not such a good idea after all.
Don't worry, British friends.
You guys usually won't have too much trouble finding work in Northren Europe and the Middle-East.