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Monday, the Ernst & Young ITEM Club said the British economy is set to grow 1% next year, following a fall of 4.5% in 2009. In July, the think tank had estimated 4.4% contraction in 2009 and a 0.5% growth next year.
Although the recession is ending, the UK is in for an anaemic recovery as output scrapes along the bottom over the next eighteen months, the ITEM Club said in its latest economic outlook. The forecast sees an uncertain recovery in the second half of this year, followed by a weak performance in 2010.
As consumers try to rebuild their savings amid weak earnings growth, spending is forecast to drop 3% in 2009. The saving ratio is estimated to to average 5.8%, up from 1.7% during last year's squeeze.
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