This month has seen the publication of a number of major reports on economic prospects for the UK, each of which has included a downward revision of estimates for the strength of economic recovery.
These include the following:
Preliminary estimates for UK economic growth in the third quarter of 2011 will be published in October. The Financial Times' Jim Pickard speculates that third-quarter GDP figures could be affected by the riots that have disrupted life in many UK towns and cities this month.
XpertHR's August 2011 economic commentary notes that the UK can expect a protracted and painful recovery.
These include the following:
- "The outlook for output growth remains highly uncertain," according to the latest quarterly Inflation Report from the Bank of England. The BBC reports that the Bank of England has cut its forecast for UK growth in gross domestic product (GDP) growth in 2011 to "about 1.5%."
- The International Monetary Fund (IMF) predicts a "bumpy and uneven recovery" for the UK. It expects GDP growth to average 1.5% in 2011, before accelerating to 2.5% in 2012.
- "Subdued domestic demand will hinder any meaningful recovery this year," according to NIESR. It predicts that GDP will rise by 1.3% in 2011, and by 2% in 2012.
Preliminary estimates for UK economic growth in the third quarter of 2011 will be published in October. The Financial Times' Jim Pickard speculates that third-quarter GDP figures could be affected by the riots that have disrupted life in many UK towns and cities this month.
XpertHR's August 2011 economic commentary notes that the UK can expect a protracted and painful recovery.
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