| The CBI has revised its predictions for growth and employment rates and estimates that the UK's recession will last most of 2009.
Unemployment could reach 2.9 million by the end of 2009, according to the CBI's new estimates, with a previous prediction for 0.3% GDP growth revised to a contraction of 1.7%.
“Given the speed and force at which the downturn has hit the economy, we have reassessed and downgraded our expectations for UK economic growth. But the fast-moving and global nature of this crisis means it is impossible to look far ahead with any certainty," stated John Cridland, CBI Deputy Director-General.
“What is clear is that the short and shallow recession we had hoped for a matter of months ago is now likely to be deeper and longer lasting."
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