IMF: British economy last to recover

acontadino

Britain’s economy is set to keep shrinking well into next year, even after all or most of its leading competitors have begun to enjoy renewed growth, the International Monetary Fund will warn this week.

In a severe blow to Gordon Brown’s hopes for an economic revival to take hold by Christmas, the IMF will predict that the UK economy will shrink in 2010 by a further 0.2 per cent.

The IMF is expected to project that while Britain’s GDP will keep falling over 2010 as a whole, the US economy will grow by 0.2 per cent, the 16-nation eurozone will eke out modest gains of 0.1 per cent, and the Group of Seven (G7) leading industrial economies will, as a whole, also grow by 0.2 per cent. The leaked forecast showed that Japan’s economy expected to stagnate during next year.

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The_Minister

Source?

Any Comment?

Nodin

Seeing as the OP didn't bother.....
http://www.sott.net/articles/show/179291-UK-recession-will-drag-into-2010-as-others-recover-says-IMF

The_Minister

Do you have a source that does not have a special section for hauntings?

acontadino

thaks the only reason i posed this is because people always seem to compare ireland to the uk.

few months old now but

http://www.guardian.co.uk/business/2009/jan/28/ilo-global-unemployment-to-soar

28064212

The original article is from The Times:
http://business.timesonline.co.uk/tol/business/economics/article5927645.ece

Fratton Fred

I guess that's what happens when banking and finance becomes such a large part of your economy.

A lot of global banks have/had massive set ups in London and a lot are pulling out or making massive cut backs. It will be interesting to see how the weak sterling will afect this, as that should help.

CDfm

Fratton Fred wrote: »

I guess that's what happens when banking and finance becomes such a large part of your economy.

i dont see it quite like that the fallout is that the banks bet the family silver on various high risk ways that meant the money they dealt with was not real and the profits were contingent on future unpredictable events.

no wonder there was fallout (which must make Gordon Brown Fallout Boy) and our regulators followed the UK lead ignoring the precident of AIB and the insurance corporation of ireland bailout in 1985 and the rogue trader at the bank of maryland aswell (no one does bail outs and guarantees like the irish government and taxpayers money is given the value of monopoly money)

the credit crunch is one thing but what about our trading income with our trading partners

transactional anaysis makes us highly vulnerable to this as a trading partner and competitor of the UK.

i really would like to see sterling recover but is this realistic and how beneficial would it be for us in ireland in real terms.

in real terms what are we likely to see in welfare cuts and government spending cuts and will such cuts deepen our recession

sovtek

They really are desperate to trot out the IMF lately. Seems they are trying to give it some sort of legitimacy after much of the world doesn't want it anywhere near their respective economic systems.

Fratton Fred

In fairness, I think the IMF has a 100% rate with their predictions so far.

100% of them being wrong that is.