Posts Tagged ‘UK economy’
According to the results of the National Institute of Economic and Social Research, UK’s economy doesn’t seem to recover until 2012 and it would see further decline in the coming days.
The study says that the current economic slowdown is quite similar to one that started in the early 80s.
The country’s economy has shrunk nearly 4.2 percent since May 08, and according to Alistair Darling, the economic downturn that started last autumn was somewhat beyond the expectation in many parts of the world. However, Alistair didn’t forecast how much contraction the UK economy will have to see during this year.
According to the Organization for Economic Co-operation and Development (OECD), there might be a ‘severe’ economic recession in the UK in 2009, as it has predicted that will be 1.1% decrease in economic output next year.
Similarly, it has also been predicted that there would be considerable increase in unemployment that would rise to over 8 percent by the end of this next year, while it was 5.5 percent in 2008.
The forecast suggests that the US economy would shrink 0.9% during 2009 and similarly German economy to decline by 0.8%.
