At least phone psychics have colorful personalities. The OECD has a new report out that blasts its own economists for having foggy crystal balls with regards to their recent forecasts. The Wall Street Journal reports:
The Organization for Economic Cooperation and Development Tuesday said it underestimated the degree to which economic and banking setbacks in one country would have negative impacts on others, leading it to consistently forecast stronger growth than actually materialized in the wake of the 2008 financial crisis.
But in the latest analysis of forecasting failures by an international financial institution, the OECD said it didn't share the International Monetary Fund's view that misjudging the impact of budget cuts on growth was a crucial error. (Emphasis mine)