Otherwise a drastic downward revision of the initial policy objectives would be necessary.

Forecasts by international organisations have also been revised downwards and are broadly in line with the December 2008 Eurosystem staff projections .

Reputable forecasters both private and public have been revising down their estimates of America s potential long run GDP.

Indeed, this year s expected GDP growth rate of 3.3 which was revised downward in the most recent WEO will probably not be met.

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Further fiscal pressures are likely to arise as overly optimistic macroeconomic assumptions are already being revised downwards and political demands for fiscal loosening are increasing .

On a request from the Member States, the programming of some operational programmes will be revised downward in order to make available commitment appropriations within the financial allocation of the Member States.

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