British Economy Faces An Even Larger Threat

The UK faces an economic downturn larger than previously expected, say experts at Standard Chartered. 

The UK economy is bound to shrink by 1.3% in 2012 which is more than twice of what was previously forecast, according to economists at the Standard Chartered Bank, with the eurozone facing a predicted 1.5% contraction. The "mounting crisis" in global economies has made it revise its own original forecasts, says the bank. 

The Organisation for Economic Co-operation and Development, meanwhile, foresees retardation for all major economies of the world.