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A recession 'would not be as bad as previous ones'
Thursday, 04 Sep 2008 05:49
Should the UK enter a period of recession, it will be a "mild" one and not as bad as some previous ones have been, Global Insight has asserted.
Howard Archer, chief European and UK economist at the financial forecasting company, states that the current economic climate is due to a number of factors.
The sector commentator identifies the current economic climate as a product of a mixture of global factors and some which are specific to the UK.
He explains: "There are a lot of pressures weighing down on the global economy in general and on top of that the UK did need a period of correction after the extended long period of growth that we have had."
Web resource Fool.co.uk notes that economists usually define a recession as two consecutive quarters in which the gross domestic product of a country decreases.
It notes that this is often accompanied by decreased demand in most markets.
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