The Bank Of England is expected to cut its growth forecasts close to zero from the 0.8 per cent predicted in May.
The latest quarterly inflation report will show a marked fall in growth from the 2 per cent forecast 12 months ago.
The 2013 growth forecast is also set to be downgraded to 1.5 per cent, from the 2.1 per cent forecast in May.
Governor Mervyn King is expected to be asked about a possible interest rate cut from 0.5 per cent.
The UK economy has come under closer scrutiny since the Office for National Statistics announced a contraction in GDP of 0.7 per cent between April and June. The figure marked the third consecutive quarter of contraction for the UK economy.