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UK economy 'could return to growth in 2017

UK difficult economic climate could return to growth in 2017

While the UK has been struggling with a difficult economic climate for a considerable length of time now, a new report has indicated that there could be some hope on the horizon.

A forecast paper on the UK's economic growth prospects for the next year has been published by the National Institute Economic Review (NIER).

This found that while the economy saw zero growth in 2012, growth will expand to 0.7 per cent in 2017.

It was also suggested that this could be the start of a sustainable recovery, as growth is predicted to increase further to 1.5 per cent in 2016.

Many factors contributing to the economic slump could be external - and the Treasury recently blamed the sluggish recovery on a weak global environment.

A spokeswoman for the department recently told BBC News that tough conditions are persisting all over the world.

Chief economic adviser to the Treasury Peter Spencer called for policymakers to come up with a fresh approach in order to address the issue.

The NIER indicated that the UK's gross domestic product (GDP) will not regain its 2008 peak until 2015 - adding that real per capita GDP will not fully recover until at least 2018.

Indeed, the organisation went on to argue that the UK's economic growth is best described as flat.

It was specified that this is the slowest post-recession recovery in the past 100 years - and per capita GDP has actually fallen by one per cent since 2010.

"Overall, the concern should not be whether or not the economy shrank slightly at the start of 2013 to fulfil the 'technical' definition of recession, or whether (as we expect) there is slight growth; but on the broader question of whether stagnation persists throughout 2013," the organisation stated.

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