green shoots

Economic Recovery Will be Faster than Expected

Economic Recovery Will be Faster than Expected

The UK economy will make a faster recovery than expected in 2010 and grow by almost twice the rate that was predicted in June, the British Chambers of Commerce (BCC) has forecast. The business group has revised its June forecast that the UK economy would only grow by 0.6 per cent next year, and predicted that GDP will increase by 1.1 per cent in 2010. This is compared to a predicted decline of 4.3 per cent in 2009. According to the BCC, Government initiatives and quantitative easing (pumping money into the economy to help its revival) are helping to contribute to a more rapid recovery. “We expect the economy to make a faster return to growth than we originally thought,” said BCC spokesman, Sam Turvey. However, Turvey added that the pace of recovery is likely to be slow by the U... »