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OECD: UK recession likely before year's end
02/09/2008 @ 16:00
Many UK buyers may decide to realise their dream of owning a Caribbean property, as new figures suggest the UK will be in recession before the end of the year.
According to a new report from the Organisation for Economic Cooperation and Development (OECD), the UK economy will reduce by up to 0.4 per cent in the third and fourth quarters of this year. The economy failed to exhibit any growth in the second quarter, but technical recession does not apply until the pattern is repeated over two consecutive quarters.
According to the think tank, which runs its operations from Paris, "financial market turmoil, housing market downturns, and high commodity prices continue to bear down on global growth".
The chancellor has revealed that the situation may in fact be worse than has so far been reported, although the OECD has reduced growth expectations from an earlier 1.8 per cent to 1.2 per cent in the space of just eight weeks.
Many buyers are likely to seek Caribbean property investments and deals in the Bahamas in order to get the best value for money.
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