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PCGs economic forecast predicts good times ahead

Georgios Nikolaidis, Economic Policy Adviser at PCG, said, “The economy continues to grow and healthy macroeconomic indicators should provide a conducive environment for businesses in the months to come.

“Unemployment and inflation are down, wages are on the rise and business investment is picking up. Forecasts are optimistic and the economy is expected to remain on the right track for the foreseeable future - gradually moving from the recovery phase to a period of full expansion.

“Rising demand for contract staff and an upward pressure on rates should be good news for the UK’s 1.72mn freelancers. Freelancers are becoming increasingly important for the economic recovery as companies look for highly-skilled individuals that could have an immediate impact on their business.

“An optimistic macroeconomic outlook will no doubt enable freelancers to make their unique contribution to the UK economy.”

However, Georgios Nikolaidis warns that problems still remain which could inhibit economic growth.

“The problems mainly remain in terms of youth unemployment and trade. The former persists at high levels and without meaningful Government measures – imminent improvements look unlikely. Trade is projected to continue to drag on growth and Osborne’s &pound1tn export target by 2020 appears overly ambitious.

“Even if the UK manages to vastly increase export volumes, strong demand for imports will make a trade surplus highly unlikely. Finally, productivity is still stagnating but a pick-up in business investment should soon work to ameliorate this issue.”


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