Economists predict low growth for Wales in 2012

Economists have warned that the Welsh economy will struggle to achieve growth in 2012.Economists predict low growth for Wales in 2012Last month, the Office for Budget Responsibility (OBR) downgraded its forecast and said it expected the UK economy to grow by just 0.7% next year.

Wales lags behind the UK average for economic activity and around 50,000 jobs have been lost since 2007.

Three senior economists based in Wales said they expected growth next year to be at, or below, 1%.

The latest assessments of growth suggest that the economy has slowed through 2011, with growing concern over the stability of the eurozone undermining confidence.

Prof Blackaby pointed to the fact that Wales, by proportion, has a greater dependence on manufacturing compared to the UK average.

Prof Blackaby said that with continuing uncertainty, the prospects for the Welsh economy were difficult and it was hard to see what could drive growth.

Job in manufacturing in Wales declined even during the boom times of the mid 2000s.

Figures from the ONS show that in March 2000 the number of workers in manufacturing in Wales stood at 214,600. By 2004, it had fallen to around 180,000. By June 2011 had dropped even further to 149,700.

Since 2007, the ONS figures show other sectors of the Welsh economy have also taken a battering:

The retail and public administration sectors in Wales have seen a loss of 12,000 and 11,000 jobs respectively.

Financial services, which saw steady growth after 2000, have also shrunk. At the high watermark in the summer of 2007, over 37,000 people worked in the sector in Wales. By spring 2011, this had fallen to 25,500.

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December 22, 2011 · Home Based Jobs · Comments Closed
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