Precise economic forecasting has gone out the window in the current crisis.

Angus Blair, head of Signet economic forecasting, questioned the wisdom of megaprojects.

So, my first initiative will be to abolish official economic forecasting.

The Central Bank of Ireland this month announced it has given up economic forecasting.

It's still evolving, said Angus Blair, chairman of business and economic forecasting think-tank Signet.

This again illustrates the hazards of economic forecasting at a time of much uncertainty.

Yet all the official economic forecasting institutes missed it, preaching the soft landing mantra.

But then economic forecasting is more difficult than predicting weather.

Gravity modelling is Newtonian physics adapted for economic forecasting.

It is a good move, said Angus Blair, chairman of business and economic forecasting think-tank Signet.

And he thinks that economic forecasting is difficult.

The consensus emerged from a survey of 55 economists participating in the newspaper's semi-annual economic forecasting survey.

The principal economic forecasting institutions now anticipate that real economic growth will fall below 2 per cent this year.

The Economic and Social Research Institute (ESRI) has a good record at economic forecasting, notes Garret Fitzgerald.

And finally, wise words from JK Galbraith: The only function of economic forecasting is to make astrology look respectable.

When there's stability it makes risk assessment much easier, said Angus Blair, chairman of business and economic forecasting think-tank Signet.