Monday, Apr 20, 2009
Things will get a lot worse before they get better
Yahoo/ITN: 'Recession will end in spring 2010'
Recovery will be "slow and fragile", the CBI business group said. The Ernst & Young ITEM club said a tough road lies ahead as unemployment passes the 3 million mark. ITEM's chief economic adviser Peter Spencer said: "We face another 12-18 months of serious grief". The CBI business group now expects the economy to have shrunk by 1.8pc in the first three months of the year - and contract by 3.9pc over 2009 as a whole; with growth of just 0.1pc in 2010. Unemployment will peak at 3.25 million early next year.
Posted by drewster @ 01:31 AM (386 views) Add Comment
2 Comments
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1. Dave said...
...says the organization that didn't see the recession coming:
http://www.telegraph.co.uk/finance/economics/2783020/UK-to-escape-recession-Item-Club-says.html
2. drewster said...
Well-spotted Dave!
Even taking their forecast at face value, it's still pretty gloomy. Unemployment will rise for at least another year - and if we look back to the last recession, unemployment peaked in late 1992 but house prices kept falling until 1995.