Singing in the rain

Article Abstract:

The United Kingdom economy grew by 0.5% in 3rd qtr 1998 and the chancellor, Gordon Brown, believes that a recession can be avoided, despite the publicity given to the dangers of recession in the press. Interest rates have been cut by 0.5%. Growth of between 1% and 1.5% is forecast for 1999, rising thereafter. Business optimism has dropped, but the chancellor argues that the economy should perform better than in previous business cycles because the boom has been milder. Evidence is contradictory, but consumption should be less affected than in the early 1990s recession because interest rates are lower and housing debt is lighter.

Economic forecasting

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The recession that never was?

Article Abstract:

Concern about recession in the United Kingdom has eased, and economic growth for 4th qtr 1998 and 1st qtr 1999, though at a low level, was more than expected. Unemployment has risen slightly, but employment has also risen for the three months to Feb 1999. The data may be revised, and gross domestic product growth has slowed, while manufacturers have been affected by the strength of pound sterling. Financial markets are also nervous and have been affected by changes in Wall Street prices.

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Still waiting: the economy

Article Abstract:

Inflation continues to hurt the UK economy. Service industry price increases and the privatization of utilities have added to the problem, but regulatory measures on the latter should help, as should declining labor costs. Economists are not forecasting an optimistic gross domestic product.

Forecasts and trends, Inflation (Finance), Inflation (Economics)

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