Slow Economic Recovery Into 2011
CBI warns of sluggish economy until mid 2011
Confederation of British Industry (CBI) predicts annual UK GDP growth of 1.0% in 2010, followed by 2.5% in 2011.
A recent press release from business group the CBI claims the economy is expected to grow by 0.3% in the first two quarters of 2010 and by a slightly faster 0.5% in the next two quarters.
Inflation is also expected to be slightly higher than previously forecast in the near-term, but is then expected to fall back considerably as Consumer Price Index (CPI) inflation drops below the Bank of England’s 2% target by the end of 2010. This is set to remain below target throughout 2011.
GDP in 2011
The CBI predict the Gross Domestic Product (GDP), the measure of the country’s overall output, is not expected to have returned to pre-recession levels by the end of 2011.
Richard Lambert, CBI Director-General, warned:
“The CBI expects the recovery in 2010 to be slow and sluggish, with few signs of real strength until well into next year.”
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Written by on March 22nd, 2010
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