Fears grow of W-shaped recession as output forecasts cut

摘要

The risk of a W-shaped recession has worsened over the last three months, economic consultancy Experian said as it severely downgraded its forecasts for the construction industry.Continuing high levels of household debt, weak banks and rising unemployment could all conspire to create a second lurch downwards in the economy, it said in its quarterly update.James Hastings, head of construction for Experian, said: "On the balance of probabilities we are still on a U shape but the risk of a W has increased since our last forecast."