On Friday the British Chambers of Commerce (BCC), a business lobby group, said the UK economy would probably avoid a recession.
- “We are on course to only narrowly avoid a recession,”
- “With anemic growth rates predicted into the future, there is a real danger of slipping back into recession territory at any point.”
- forecast gross domestic product will grow 0.3% this year instead of shrinking by the same amount
On Monday morning UK time, a report just issued, the UK’s Confederation of British Industry said much the same. forecasting GDP:
- +0.4% this year (prior -0.4%)
- +1.8% next year (prior +1.6%)
Citing as reasoning for the upgrade::
- Falling energy prices
- reopening of China’s economy
- easing supply chain disruptions