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UK economy to ‘shrink 4.7%’
The UK economy will contract 4.7% this year, according to the Organisation for Economic Co-operation and Development (OECD).
This figure is worse than the UK Treasury's prediction that the UK economy will decline by 3.5% this year.
However, the OCED has said that it expects America and the eurozone to exit recession in the third quarter of the year.
"We clearly have a recovery at hand that seems to have materialized a little earlier than we expected because financial conditions have improved more rapidly than we assumed a few months ago," said Jorgen Elmeskov of the OECD.
Post Date: September 3rd, 2009
This figure is worse than the UK Treasury's prediction that the UK economy will decline by 3.5% this year.
However, the OCED has said that it expects America and the eurozone to exit recession in the third quarter of the year.
"We clearly have a recovery at hand that seems to have materialized a little earlier than we expected because financial conditions have improved more rapidly than we assumed a few months ago," said Jorgen Elmeskov of the OECD.
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Post Date: September 3rd, 2009
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