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Thursday, September 03, 2009

Lagging Behind

It should come as no surprise to learn that the Organisation for Economic Co-operation and Development (OECD) has predicted that Britain will lag the other leading industrialised countries as they come out of recession.

The OECD expects the UK economy to contract by 4.7% this year, compared with a predicted Euronzone contraction of 3.9%.

The OECD predict that Canada will contract by 2.5%, and the US by 2.8%.

The OECD predicts that the US and eurozone will return to economic growth during the third quarter of 2009. However, the laggardly UK will not return to economic growth until 2010 next year.

This poor performance is somewhat "embarrassing" for Grodon Brown in the run up to an election.

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