The end of the recession is here… well almost. According to economists, the gross domestic product of the UK is set to contract by 3.5% in 2009 with a recovery starting early in 2010. This news comes from experts just days before the Budget.
No doubt this is added pressure on Mr Dowling’s head who in the past has been criticised for underestimating problems with the economy.
We have certainly been through the worst now in this current recession according to these reports but recovery will be slow and fragile.
This does of course mean that decline is going to continue for the rest of the year and early next year but this decline is going to slow considerably. Unemployment will still continue to rise until this time with estimates expecting it to reach about 3.25 million people unemployed by the end of the recession.