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Posts Tagged ‘Britain back in recession’

Double Dip: Britain Back In Recession, Say OECD Forecasters

Posted by Ram Kumar Shrestha on March 29, 2012

Britain is likely to be back in a recession, according to international forecasters.

A recession is typically defined as two successive quarters of negative economic growth.

The Organisation for Economic Co-operation and Development (OECD) said GDP – a broad measure for the total economy – is on course to have fallen by about 0.1% in the three months to the end of March.

The OECD also warned the recovery for the world’s biggest economies would be fragile, with the outlook for Europe “very weak”.

In its latest interim assessment of the global economy the OECD estimated the UK economy experienced an annualised retraction of 1.2% in the last quarter of 2011 and of 0.4% in the first quarter of 2012. Read the rest of this entry »

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