UK back in recession - OECD

The UK is back in recession, according to the latest growth projections from the OECD, while the recovery in the G7 economies remains ‘fragile'.

The Organisation for Economic Co-Operation and Development said the UK experienced a contraction of 1.2% in the fourth quarter of last year, and shrank 0.4% in the first quarter of 2012. Two consecutive quarters of negative growth means the economy is in technical recession. However, it is predicting the economy will grow 0.5% in the second quarter of this year. The OECD said growth in the G7 countries is likely to be firmer through the first half of this year. Chief economist Pier Carlo Padoan said the recovery “remains fragile and will likely proceed at different speeds in North ...