The UK and the rest of Continental Europe is going into a certain recession that will last at least until June next year, according to a senior Bank of America economist.
Chief economist for Europe, Dr Holger Schmieding, today told delegates at the Estates Gazette European Industrial & Distribution Summit 2008 in Hamburg that industry in Europe is suffering as much as the financial sector.
Dr Schmieding said the UK and Ireland will face a limited recovery, while other European countries will fare better.
“Recession is inevitable, but I believe there will be recovery for Europe next spring. It will be uneven, but it will happen,” said Dr Schmieding.
