01/16/10 Stockholm, Sweden – Falling far short of expectations, Britain’s economy didn’t strengthen much in the fourth quarter. So, for the whole year its GDP remained down 4.8 percent. It was the largest contraction the country has experienced since 1921.
According to the Times Online:
“Most economists had expected the country to turn the corner in the third quarter of the year, the three months to the end of September.
“But official figures shocked economists by showing that the economy was still in recession, falling 0.3 per cent.
“That left Britain as the world’s last major economy still in recession.”
Britain has put into place the same types of bailout policies as the US, but it’s not doing much good. Read more about Britain’s current economic situation in the Times’ coverage of its steepest rate of decline in 88 years.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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