Expect unemployment to grow, he said, and inflation to rise, at the same time.
It expects unemployment to continue rising for another year, peaking at just under 3 million in 2013.
All seven expect unemployment to go on rising throughout the year.
They expect unemployment to be lower at the end of this parliament than it was at the start.
Both countries expect unemployment to peak at almost a quarter of the workforce.
I expect unemployment to be higher in that report.
In coming months, analysts expect unemployment to continue rising from its current level, 4.5 percent.
Nearly half expect unemployment to head higher in the next 12 months, and almost as many expect it to stay the same.
But economists expect unemployment to rise in the coming months, which would put further strains on the economy.
He also expects unemployment to decline by a full percentage point.