The European Commission said Monday Britain would be hit the third hardest in the economic slowdown among European Union members.
The EU said Britain would be the hardest hit of any of the larger economies in its jurisdiction. Only Latvia and Estonia were expected to suffer worse economic downturns among EU nations, The Guardian reported Monday.
In Britain the economy is expected to decline 1 percent in 2009 and grow by 0.4 percent in 2010, the report said.
Next year, Estonia’s economy is expected to decline 1.2 percent. Latvia’s is expected to contract 2.7 percent, the report said.
The largest economies in the European Union, those of Germany, France and Italy, are expected to be flat next year, the report said.
In Britain, “the central outlook envisages a marked fall in private consumption in 2009 and 2010, driven by more restrictive borrowing conditions and lower household wealth,” the report said.