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UK recession this year, OECD says

Posted By admin On September 2, 2008 @ 11:26 am In Money Watch | Comments Disabled

Steve Schifferes
BBC NEWS [1]
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.

FULL STORY CLICK HERE [1]


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URLs in this post:

[1] BBC NEWS: http://news.bbc.co.uk/1/hi/business/7592660.stm

[2] Euro Zone in Mild Recession, US May Follow: OECD: http://www.prisonplanet.com/euro-zone-in-mild-recession-us-may-follow-oecd.html

[3] Britain will be the ONLY major economy to fall into recession this year, experts claim: http://www.prisonplanet.com/britain-will-be-the-only-major-economy-to-fall-into-recession-this-year-experts-claim.html

[4] Euro-Zone ‘Slumps Into Recession’: http://www.prisonplanet.com/euro-zone-slumps-into-recession.html

[5] Recession will hit the UK economy this year, warns European Commission: http://www.prisonplanet.com/recession-will-hit-the-uk-economy-this-year-warns-european-commission.html

[6] Recession within year, say experts: http://www.prisonplanet.com/recession-within-year-say-experts.html

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