Official interest rates could be slashed to just 0.5 per cent to deal with an economy growing at its slowest since the depths of the Global Financial Crisis, markets and economists have warned as investors bet the economy needs more financial support.

Economists at JP Morgan on Wednesday became the first to predict the Reserve Bank of Australia will eventually take the cash rate to 0.5 per cent in a bid to protect the national jobs market and drive growth.

The cash rate could go as low as 0.5 per cent to help the economy along. Credit:Louise Kennerley

The RBA board meets on Tuesday with markets and economists all predicting it will slice the cash rate to a fresh record-low of 1.25 per cent. Most focus is on whether the board will signal further cuts and their timing.

The meeting comes ahead of the release of the March quarter national accounts on Wednesday which are expected to show a further step down in economic growth.