The UK economy will finally surpass its pre-recession peak next year, says the British Chambers of Commerce (BCC).
The UK’s economic output peaked in the first quarter of 2008. The BCC says it expects the economy to surpass that level in the second half of 2014.
It also says that the UK’s GDP is now set to grow by 2.7% in 2014, an upgrade from a previous prediction of 2.2%.
BCC head John Longworth welcomed the improvement but warned that longer-term problems were “still looming”.
Mr Longworth said: “It is really great that next year the UK economy is finally expected to bounce back from the deepest recession in modern times.”
But he added: “As household consumption slows in the medium term, we have to find ways of boosting business investment and exports, as rebalancing our economy is critical to our long-term economic future.
“If we make important decisions to fix the long-term structural failure in business finance, continue to deliver a major infrastructure upgrade and do more to support exports, it is possible to achieve not just a good recovery, but a truly great and sustainable economy.”
via BBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.