The British economy is likely to contract 4% this year and will shrink another 1% in the next year, reports said Monday citing Roger Bootle, an economic adviser at Deloitte & Touche LLP and managing director of Capital Economics.
That was weaker than Chancellor Alistair Darling's 3.5% contraction predicted for this year and a 1.25% growth for 2010. The International Monetary Fund sees a 4.1% fall in the British gross domestic product in 2009 and a further 0.4% fall in 2010.
In the latest Deloitte Economic Review, Bootle reportedly said the contribution of the manufacturing industry for the economy will grow from 11% to nearly 15%. At the same time, the share of the financial services sector may contract to 5% from 8%.
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