One of our global partners,
Britain, is in an economic tsunami. Here are some recent indicators of the damage being done to Britain's economy:
- The annual rate of decline in industrial output has reached an alarming 12%.
- Manufacturing output fell by 6.4% in three month to January, faster than the 4.9% contraction in the quarter ended in December.
- During the last few months, GDP shrunk by 1.5%. The trends are pointing to a 4% decline in 2009. The last time Britain saw such a sharp decline was in 1931, with a fall of 5%.
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