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Worst of recession might be over for the UK

Simon Quicke

Despite the cold water that several commentators are trying to pour over the hopes that the economy is reaching the bottom the evidence of a levelling out continues to stack up with the OECD the latest to make positive noises.

The Organisation for Economic Co-operation and Development described the UK economy as experiencing a “pause in the economic slowdown” and it revised its forecast for Britain.

The OECD had been predicting that the British GDP would drop by 3.7% this year but has now shaved that by 0.3 points as a result of signs of recovery.

“France, Italy and the United Kingdom are showing tentative signs of, at least, a pause in the economic slowdown,” the OECD stated.

It added that China has also showed signs of a pause but countires that were not major economies still showed signs of deterotiation.

There is a growing consensus among senior IT figures that the worst might be over with recent comments from John Chambers, CEO of Cisco, adding to upbeat remarks from Intel boss Paul Otellini.


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