It’s taken nearly two years, but the British government has announced today that the UK is officially back and growing again. The recession that has lasted since mid-2008 is over.
It’s true that 0.1% growth is extremely weak and possibly even within the margin of statistical error, but this new announcement is on the back of recent data showing that unemployment is starting to fall much earlier than expected. Confidence in the business sector has been growing for around six months, but now the official data is verifying and accelerating that confidence.
The UK is one of the key markets for the Indian IT-enabled service sector so this can only be good news for the delegates at the NASSCOM NILF. I was at a UK manufacturer this morning that managed to maintain growth during the recession by employing some clever strategies and predicting which products consumers might stop buying – and which they would turn to. They called it right, but they were still smiling about the government news today.
The UK is back in action.