Blog: Recession rebound?
Dean Best | 3 September 2009
Enough with the nervous talk of 'green shoots'. The recession is coming to an end, and soon, the Organisation for Economic Co-operation and Development claimed today (3 September).
While the world's business leaders – including those in the food industry – have anxiously skirted around the idea that the economic environment seems to be looking up for months now, the OECD boldly suggested in Paris this morning that recovery is indeed on the cards.
For the majority of G7 nations, the OECD has brightened its outlook from that delivered three months ago, when its predicted that aggregate GDP would decline by 4.1%. The economics institute now believes that this decline will be only 3.7%.
Jørgen Elmeskov, acting head of the economics department, revealed that incoming information on the third quarter is “better than expected” and estimates for the remainder of the year are “mostly positive”.
However, he emphasised that there would remain strong “headwinds” on demand, as households and businesses looked to “repair their balance sheets”.
In addition, OECD predicted that recovery here in the UK would lag behind that in the rest of the world, with a sharp second-quarter decline expected to contribute to a 4.7% drop in GDP for the full year.
So, with the recession now supposedly drawing to a close, the food industry is left to lick any wounds and assess what damage may have been done.
And, compared to some sectors, many in the food industry will breath a collective sigh of relief that food has proven itself relatively resilient.
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