People battling with debt might not like to hear that an industry expert has said that he believes the nation’s economic growth will happen at a slow …
People battling with debt might not like to hear that an industry expert has said that he believes the nation’s economic growth will happen at a slow pace.
Steve Hughes, an economist at the British Chambers of Commerce, remarked that he expects a much more gradual recovery than the government has proposed.
He predicts a one per cent rise in 2010 and 2.1 per cent growth in 2011 – a lower figure than the 3.5 per cent forecast by the government.
Mr Hughes commented that he believes the recovery will be “sluggish”, explaining that: “You have high levels of personal debt [and] economic weaknesses amongst our major trading partners, which will hinder exporting.”
He warned that the road ahead may be “pretty rocky” and “pretty uncertain”.
The Confederation of British Industry’s economic forecast – announced earlier this week – predicted slow economic growth in 2010, which will not speed up until the middle of next year.
By Joe Shervin
Have you read the latest blog post by CEO of ClearDebt, David Mond, entitled: The lasting gift of winter