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Growth forecasts improved - economic intelligence unit latest report
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Growth forecasts improved - economic intelligence unit latest report
3 December 2009
The latest forecasts published by Insight East today show that the region is likely to regain jobs lost in the recession a year earlier than previously thought although the regional economy is still in a fragile state.
The East of England Quarterly Economic Brief, produced by the team of economic experts at the East of England Development Agency (EEDA), contains the latest autumn forecasts which are more optimistic than the spring 2009 forecasts.
Findings from the latest forecasts include:
• more growth in 2010 - 0.7% compared to the spring forecast of 0.3%
• recovering pre recession total employment by 2014, rather than 2015
• 98,000 jobs lost, as opposed to the spring forecast of 167,000 job lost
• claimant unemployment forecast to peak at 150,000 in 2011, and to remain persistently above 100,000 for at least ten years.
The Quarterly Economic Brief also summarises data and reports from other national and regional organisations in an easy to access and concise format.
Glenn Athey, director of Insight East said:
“The recession has hit some sectors hard but the East of England economy is more robust and diverse than other regions and it looks as though we are coming out of it quicker than other parts of the UK.
“Businesses remain under pressure in the region but they are responding positively by trying to expand into export markets like China which offer massive opportunities. Importantly for future growth investment in R&D has been maintained.
“The situation for younger workers has improved but more job losses are likely and they will affect men more than women. The outlook in the commercial property market is relatively positive with surveyors in the region among the most confident in the country.”
The Quarterly Economic Brief is available on the Insight East website at www.insighteast.co.uk
- Download full press release (DOC 176KB)
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