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September 20, 2010    

CEBR: Global economy not heading for double dip

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by Kay Murchie

Influential think tank, the Centre for Economics and Business Research (CEBR), has today said the world is not in danger of a double-dip recession.

Despite this, it has revised its growth forecasts downwards, now predicting that the global economy will expand by 3.5% this year and 3.4% next year. Down from the 3.7% and 4.1% respectively.

Other economic forecasts are predicting a similar outcome.

Earlier this month, the Organisation for Economic Co-operation and Development (OECD) said the global economic recovery is slowing faster but said a return to recession is unlikely but “great uncertainty” remains.

The OECD also revised downwards its growth forecast for 2010.

Meanwhile, returning to the CEBR, executive Douglas McWilliams, said: “I would be prepared to bet one of my better shirts on there being no global double dip.

“Although their growth will be affected by slower growth in the West, the emerging economies are too resilient for global growth to go negative again in the short term,” he added.

In other news today, credit rating agency Moody’s said the UK’s top-ranked AAA credit rating is safe, as a result of the tough austerity measures, introduced by the coalition Government.

Despite slower economic growth, the rating agency said the outlook for the UK’s public finances remained stable.

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