UK recession this year, OECD says

Steve Schifferes
BBC NEWS
Tuesday, September 2, 2008

The UK economy is likely to fall into recession this year, according to the Organisation for Economic Cooperation and Development (OECD).

The Paris-based think tank predicts that the UK economy will shrink at an annual rate of 0.3% in the third quarter, and by 0.4% in the fourth.

According to the latest official figures, the UK economy did not grow at all in the second quarter of 2008.

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The working definition of a recession is two quarters of negative growth.

The gloomy outlook for the UK economy has pushed the pound sterling to its lowest level for two years against the euro.

Dark clouds?

The OECD forecast is the gloomiest yet for the UK economy by an official organisation, even gloomier than the forecast released by the International Monetary Fund (IMF) one month ago.

In its latest report, the OECD says that the UK economy will grow by just 1.2% for the whole of 2008, a sharp reduction in its earlier forecast of 1.8% made just two months ago, and less than the 1.4% predicted by the IMF.

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6 Responses to “UK recession this year, OECD says”

1. rich Says:
   September 2nd, 2008 at 1:54 pm

   don’t they really mean a depression???
   youtube.com/goldieshome
   goldieshouse.piczo.com

2. Sensation Says:
   September 2nd, 2008 at 3:56 pm

   The entire world is in a recession / depression.
   How can it not be?
   It was designed that way.

   http://illuminatimatrix.wordpress.com/bad-dream/

   Yes, it’s a dream. A bad one.

3. forrest cheshire Says:
   September 2nd, 2008 at 4:21 pm

   wow looks like its going to be fun living in http://www.uk.com then hey

   credit crunch my arse!

4. jonny Says:
   September 2nd, 2008 at 6:45 pm

   9/11 never happened tv watchers were put into a hypnotic trance made to think 9/11 happened its not even the year 2000 yet 2012 is realy the year 2000 y2k hasent happened yet strange how the American zombies have been manipulated

5. Clueless Says:
   September 3rd, 2008 at 12:46 am

   The Uk has been in reccession for a minimum of two years. It’s economy will closely resemble Romania’s very soon. But then that’s the idea isn’t it?

6. Frank Thought Says:
   September 3rd, 2008 at 7:31 am

   HMS Toilet is fast taking on water. And the crew and passengers? Well, they are truly a mixed bag: yes, some pig-ignorant, world-weary working class Brits, but then also cheap labour the captain picked up on a stop in Hong Kong: Africans, asians, some eastern europeans. As the ship starts to sink, the fighting amongst the crew gets worse, as they discover the captain saved money by only storing two life boats. It won’t be pretty!