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‘The recession is ending’

Sep 07 2009

The recovery may have started but the economy still faces risks, says the British Chambers of Commerce (BCC).

According to the organisation, GDP will drop by 4.3 per cent this year, followed by growth of 1.1 per cent in 2010 – an improvement on the BCC’s June prediction of 0.6 per cent.

David Kern, chief economist at the BCC, says: ‘While we expect a gradual improvement over the next two years, the pace of UK expansion is likely to be weak by pre-recession standards. It is critical that wealth-creating businesses have adequate capacity to respond to an upturn in demand when the recovery strengthens.’

The BCC adds that unemployment is likely to rise from 2.43 million to a peak of just over three million, down from its prediction of 3.2 million in June.

According to the Institute for Chartered Accountants in England and Wales (ICAEW), confidence among business professionals has turned positive for the first time in two years.

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