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Thursday, February 05, 2009 

Tough times for the British economy

The economy of the United Kingdom will be in recession until the last quarter of the year and record a contraction of 2.7% this year, which will be the worst in 60 years for the world economy. These forecasts are from the NIESR Institute, which has the Government and the Bank of England as clients. This reliable institution reviewed again its estimate for the British economy, anticipating now an annual GDP contraction of 2.7% worse than the last review where they have predicted a drop of 0.9%. The estimates of NIESR, which collaborates with leading British authorities, pointed out that the recession in the British economy has started in the third quarter, but will finish in the last three months of 2009. This means that Britain economy will be under pressure for more 6 to 8 months. This will be for sure the worst year for the British economy since World War II, in line with the behaviour of the world economy. The NIESR also anticipates that world GDP will grow only 0.5% this year, the worst performance in 60 years.


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