UK economy to face bigger downturn

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London, Dec 12 (BBC News): The UK economy is to contract by more than previously thought, according to a leading forecaster. Economists at Standard Chartered bank said the economy will contract by 1.3 per cent in 2012, having previously predicted growth of 0.6 per cent for next year. The eurozone economy will perform even more badly, the bank forecast, contracting by 1.5 . The Office for Budget Responsibility has said it expects the UK economy to grow by 0.9 per cent in 2012. And a survey of economic forecasts in November, carried out by the Treasury, suggested growth of between -0.4 per cent and 2.3 per cent. However Standard Chartered said that "the mounting crisis" in advanced economies, especially the eurozone, has forced it to revise down its own forecasts.