Housing slump likely to worsen, warns OECD

THE Organisation for Economic Co-operation and Development (OECD) said worsening housing conditions in the US, Ireland and Spain could dampen consumer spending and slow global economic growth.

“Downturns in housing investment already under way in the US, Ireland and, to a lesser extent, Spain are likely to become more pronounced,” the Paris-based group said in its economic outlook yesterday.

The property contraction was undermining growth in the OECD’s 30 member countries, including Ireland, it said.