Saturday, Oct 25, 2008
Recession will be deep and long
Telegraph: Financial crisis: Recession to be 'worse than the 1990s', experts warn
Families must prepare themselves for a recession which could be deeper, more painful and longer-lasting than the early 1990s, experts warned after the economy shrank for the first time in 16 years. Roger Bootle, managing director of Capital Economics, said: "What we are going to see of the next two years is a contraction of the same magnitude [as the early 1990s]. That one lasted two years, but this one could go on for four or five years." Those at most risk are homeowners who have bought recently, and face negative equity, and those working in the finance or retail sectors, which are likely to be hardest-hit as consumers abandon the high street.
Posted by mytimeisnigh @ 09:09 AM (224 views) Add Comment
1 Comment
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1. Fjcruiser said...
I dont think the last recession lasted 2 years frankly, more like 5 to 6 years.And it claimed many victims. And for the majority negative equity did not disapear until 2000-2001.Forget about the statistics, they are obsolete and truncated.
Well the pound shops will be back soon in Oxford Street.