OECD Sees U.K. GDP Contraction in 2012 as Forecast Cut
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The Organization for Economic Cooperation and Development predicted the U.K. economy will contract this year as it cut its forecast because of the persistence of the euro-region crisis.
Gross domestic product will shrink 0.7 percent this year instead of the previously predicted expansion of 0.5 percent, the OECD said in a report published today. The forecast doesn’t account for likely growth shifts following the additional Diamond Jubilee bank holiday in June or the London Olympic Games last month, the Paris-based organization said.