An updated forecast predicts the recession could be cut deeper but will not last as long as previously thought
Economists working for consultancy EY said less government support accompanied by higher taxes is the main driving force behind the new predictions. Three months ago, EY's Item Club precited a 0.3 per cent contraction in gross domestic product this year which would then be followed by a 2.4 per cent growth next year and a 2.3 per cent rise in 2025.
A recession is generally defined as two quarters of consecutive GDP contraction, with many still unsure of whether the UK is already in a recession or not. GDP figures released last week show that the economy unexpectedly grew in November, with some economists having a positive outlook for the fourth quarter.
Belgique Dernières Nouvelles, Belgique Actualités
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