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November 2018
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Monday, 15 October 2018 15:00

UK economy heading for worst year

UK economy heading for worst year

The British economy is heading for its worst year in almost a decade amid the growing risks from no-deal Brexit, according to a leading economic forecaster EY Item Club, Caspian Energy News (www.caspianenergy.net) reports with reference to The Guardian.

After official figures revealed zero growth in GDP in August, the group of economists of EY Item Club, which is the only non-government forecasting organisation to use the Treasury modelling of the economy, said it had downgraded its growth forecast for this year and next as a consequence.

It forecast growth of 1.3% for the whole of 2018, down from a previous estimate of 1.4%. This would be the worst annual period for growth since the financial crisis.

EY Item Club forecast a modest recovery next year if there was a smooth Brexit deal, with growth of 1.5%, down from its previous estimate of 1.6%.

Economists have said failure to reach such a deal could significantly harm the UK economy, with the International Monetary Fund warning of “dire consequences” for growth.

Inflation is forecast to fall from about 2.7% to 2.3% by the end of the year, above the Bank of England’s target rate.

https://www.theguardian.com/business/2018/oct/14/uk-economy-heading-for-worst-year-since-financial-crash-economists-ey-item-club-no-deal-brexit

Person in charge of the newsline: Olga Nagiyeva 

 

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