Recession still a concern for chamber members
The Black Country Chamber of Commerce is to continue to raise issues of concern for its members with local and national government with fears of a recession later this year still lurking.
Chamber chief executive Sarah Moorhouse reacted to the latest ONS GDP figures for the final quarter of 2022.
“Although the UK economy has narrowly avoided recession on a technicality, 0.1 per cent growth Q3 and zero per cent ‘flatline’ growth Q4, it doesn’t paint a positive picture in the short term with predictions that the UK will slip into recession later this year.
“That said indications that the recession will not be as deep and long as previously estimated show signs that there are green shoots of hope for the future," she said.
Sarah added: “Recession or not the current picture for businesses in the Black Country is framed in the context of navigating multiple economic shocks, including lockdowns, global supply chain crises, departure from Europe, recruitment issues and soaring energy costs.
“The Black Country Chamber of Commerce remains focussed on raising the profile of the challenges businesses face in these uncertain economic times, to both local and national government, and there will be a particular focus this coming year on energy, recruitment/skills and expanding trade – all high priorities for regional economic growth.”
