By IRNA,
London : Britain is the only major economy in the throes of recession, which will continue until next year, according to the the latest figures from the Organisation for Economic Cooperation and Development (OECD).
The OECD forecast that the UK economy will shrink by 0.2pc between now and the end of the year, the only negative growth among the G7 group of industrialised countries.
It is the first time a major international forecaster has explicitly said Britain is facing technical recession, when an economy declines for two successive quarters.
The latest OECD figures are even gloomier than the forecast released by the International Monetary Fund (IMF) just one month ago.
The contraction contrasts with the UK government forecasting 2 per cent growth this year, rising to 2.5 per cent in 2009.
The OECD said it expected the UK economy would grow would be reduced to just 1.2 per cent this year after previously predicting a 1.8 per cent rise.
Last week, Chancellor of the Exchequer Alistair Darling warned that Britain was in in the grip of its worst economic crisis for 60 years, saying the downturn was going to be “more profound and long- lasting than people thought.”
Previously Prime Minister Gordon Brown has argued that the UK was well-placed to withstand the global downturn.