The predicted impending recession is not likely to be as bad as the ones that have gone before it, it has been asserted.
However, in news that may be of interest to people seeking unsecured loans, Howard Archer, chief European and UK economist at Global Insight, said he did not expect any significant recovery to become apparent until late 2009 or 2010.
"It's going to feel bad to people because the economy has been growing strongly for the last 15 or so years, any downturn is going to seem worse than it probably would have done otherwise," he warned.
Mr Archer added that the recession was likely to be brought on by a combination of global factors and issues specific to the UK economy.
In related news that may interest those looking for unsecured loans, the British Chambers of Commerce Quarterly Economic Survey, published in July, revealed that there was now a serious risk of recession.
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