LONDON (Reuters) – Britain’s economy looks on track to grow by the smallest amount since the financial crisis this year as the coronavirus outbreak threatens to drag major economies into recession, the British Chambers of Commerce said on Tuesday.
The world’s fifth-biggest economy looks on track for growth of 0.8% this year, the BCC said, downgrading its forecast from 1.0%. The forecast was finalised after British authorities unleashed a major fiscal and monetary stimulus plan last week to help shield Britain’s economy from the coronavirus outbreak.
“It is increasingly likely that the boost from higher government spending and more political certainty will be surpassed over the near-term by the negative impact of coronavirus on the UK economy,” said Suren Thiru, head of economics at the BCC.
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