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13/06/2002
CBI chief 'cautious' over UK economy growth
In an address to top business people in Belfast, CBI chief economist, Ian McCafferty said businesses pinning their hopes on a rapid recovery in the UK economy are likely to be disappointed over the coming months.
Mr McCafferty said any pick up in the economy over the next year or so was likely to be modest with much depending on the fortunes of the US economy. However, this is also expected to take some time.
He also said how quickly the economy picked up would depend on how much companies were prepared to invest, given that the current world economic slowdown was investment rather than consumer-led.
Mr McCafferty said companies in the US and the UK were mainly focusing on costs and that as a result, he was "relatively cautious" about the UK economy over the next 12 to 18 months.
(MB)
Mr McCafferty said any pick up in the economy over the next year or so was likely to be modest with much depending on the fortunes of the US economy. However, this is also expected to take some time.
He also said how quickly the economy picked up would depend on how much companies were prepared to invest, given that the current world economic slowdown was investment rather than consumer-led.
Mr McCafferty said companies in the US and the UK were mainly focusing on costs and that as a result, he was "relatively cautious" about the UK economy over the next 12 to 18 months.
(MB)
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