Wednesday, February 8News That Matters
Shadow

Tag: precrisis

Global growth back at pre-crisis levels, says World Bank

Global growth back at pre-crisis levels, says World Bank

Business
The World Bank says global economic growth is likely to speed up this year, after a stronger than expected 2017.The bank's new forecast is that the world economy will expand by 3.1% this year before slowing slightly.It will be the first time since the financial crisis that growth is operating at its full potential.However, the report warns the upswing will be short term, with gains in improving living standards and reducing poverty levels at risk long term.For the immediate future, the bank sees a reasonably upbeat prospect.The bank's president Jim Yong Kim said: "The broad-based recovery in global growth is encouraging". The forecast is better than what the bank was expecting in its previous assessment last June.Among the large economies, the up-rating is especially marked for the eurozon...
UK productivity falls to pre-crisis level

UK productivity falls to pre-crisis level

Business
The productivity of UK workers has dropped back to pre-financial crisis levels, according to official figures.Hourly output fell 0.5% in the first three months of the year, the Office for National Statistics (ONS) said.At the end of 2016, productivity returned to the level seen before the downturn, overturning years of decline which has weighed on wages.But it has now slipped back again and is 0.4% below the peak recorded at the end of 2007, according to the ONS.Economists have warned that the UK's productivity continues to lag behind its major trading partners such as the US, France and Germany.ONS head of productivity Philip Wales said: "UK labour productivity growth has struggled since the 2008 economic downturn, and the fall in the first quarter of 2017 brings to an end a recent run of...