British economy headed for major recession, says EU.
Britain has been marked to be the worst performing country among the large European economies next year, the European Commission warned.
In a dismal forecast released yesterday, the commission said EU growth would drop from 1.4% this year to a lowly 0.2% in 2009. Economic growth in Britain will creep to 0.9% this year and the economy will shrink by 1% next year, said the report.
Meanwhile, the 15-country eurozone economy would grow by 1.2% this year and 0.1% next year.
The UK economy is expected to contract through the remainder of 2008 and isn’t expected to grow again until 2010.
