Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

UK economy tipped to recover in late 2009

Staff Reporter 3 minute read

The UK may already be in recession, but it will not be as prolonged as that 1990s downturn, the Confederation of British Industry (CBI) said today.

In its latest assessment of the UK economy, the CBI downgraded its growth forecasts for 2008 from 1.7 to 1.1 per cent, with economic output expected to shrink by 0.2 per cent and 0.1 per cent over the remaining two quarters.

GDP growth forecast for 2009 was cut even more drastically, from 1.3 to 0.3 per cent.

Nevertheless the Confederation said GDP should stabilise in 2009 ahead of a gradual and growing recovery.

Advertisement
Advertisement

“The UK may have entered a mild recession that will hopefully prove short lived. This is not a return to the 1990s when job cuts and a slump in demand were far more prolonged,” CBI director-general Richard Lambert said.

Although the credit crunch would “be with us for some time” Mr Lambert said “conditions are set to improve later in 2009”.

Published: 15-09-08

Today's other stories

 

PROMOTED CONTENT


UK economy tipped to recover in late 2009
default
TheAdviser logo
default

 

more from the adviser
digital home ta Heritage to introduce new origination platform

The non-major bank has teamed up with a credit reporting firm to ...

woman financia counselling ta SA offers free financial counselling to women

At-risk women living in SA will be given access to free financial...

Sam Carrello bc64 WA broker reveals his top tips for hiring staff

Napoleon Finance broker and director Sam Carello has revealed his...

FROM THE WEB