Britain's economy set for its best year of growth since WW2
In an upbeat forecast, economists at the think tank have upgraded their prediction of GDP growth for 2021 from 5 per cent to 6.8 per cent. That would surpass the 6.5 per cent recorded in 1973.
Britain's economy is on course for its best year of growth since the Second World War, experts at EY Item Club predict.
In an upbeat forecast today, economists at the think tank have upgraded their prediction of GDP growth for 2021 from 5 per cent to 6.8 per cent.
That would be the highest postwar growth rate, surpassing the 6.5 per cent recorded in 1973.
They also say the economy is expected to regain its pre-pandemic size by the second quarter of 2022 – earlier than a previous forecast – because Britain had proved 'more resilient than seemed possible'.
Howard Archer, the chief economist, said lessons learned over the pandemic 'helped minimise the economic impact'.
EY also revised down its forecast for peak unemployment, from 7 per cent to 5.8 per cent, which it says will occur in the final three months of this year.
In an upbeat forecast today, economists at the think tank have upgraded their prediction of GDP growth for 2021 from 5 per cent to 6.8 per cent.
That would be the highest postwar growth rate, surpassing the 6.5 per cent recorded in 1973.
They also say the economy is expected to regain its pre-pandemic size by the second quarter of 2022 – earlier than a previous forecast – because Britain had proved 'more resilient than seemed possible'.
Howard Archer, the chief economist, said lessons learned over the pandemic 'helped minimise the economic impact'.
EY also revised down its forecast for peak unemployment, from 7 per cent to 5.8 per cent, which it says will occur in the final three months of this year.