RTTNews - The worst phase of the recession is over in the British economy, but it is far too early to say that recovery is secure, results of the latest quarterly economic survey by the British Chambers of Commerce showed Tuesday.
The business lobby warned that the economy could drop-off suddenly if the focus on limiting the impact of recession lacks. It will also add weight to the argument that the British economy is heading towards a W-shaped recession.
The second quarter survey that participated 5,600 companies showed that manufacturing recorded stronger improvements than services, although in absolute terms, the manufacturing sector remains in a worse condition overall.
The BCC said the most encouraging feature of the second quarter results was a marked strengthening in confidence following sharp declines over the previous two quarters.
Employment expectations in manufacturing and services sectors improved in the second quarter, but the BCC continued to predict unemployment will reach 3.2 million, some 10% of the workforce, by mid 2010.
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