|
13 January 2012
Forecaster says the UK economy is contracting more than previously thought.
THERE was more bad news for the UK's economy recently as a leading forecaster announced that it would contract by more than previously thought.
Having previously predicted growth of 0.6%, economists at Standard Chartered Bank said the economy could contract by 1.3% in 2012.
And the bank forecast that the eurozone economy would perform even worse - contracting by 1.5%.
The Organisation for Economic Co-operation and Development (OECD) has predicted a slowdown for every major global economy in 2012.
The OECD's December analysis of leading economic indicators predicted growth levels in the UK and the eurozone would drop below their long-term average.
However, Standard Chartered's forecast for a contraction in the economy during 2012 is worse than most economists might have thought.
The Office for Budget Responsibility has said it expects the UK economy to grow by 0.9% in 2012.
A Treasury survey of economic forecasts in November predicted growth of between -0.4% and 2.3%.
However, Standard Chartered said that the mounting crisis in advanced economies, especially the eurozone, had forced it to revise down its own forecasts.
ENDS
Article originally sourced via Porcupine PR in LONDON, UK, 2012-01-13
Note: We provide news articles for the interest of our visitors, this news article does not does not necessarily reflect the opinions of protection.uk.net, First Call Payment Protection Ltd or it's employees.
| 
