A COVENTRY Commerce leader has said despite the UK economy avoiding recession, regional firms would not see the situation as a ’cause for celebration.’
The latest GDP figures showed the economy recorded zero growth between October and December, meaning a recession was narrowly avoided.
Coventry and Warwickshire chamber of commerce chief executive Corin Crane said despite bringing some relief, this outcome could not hide underlying economic issues businesses are facing.
He said: “Going into recession brings its own negative outlook and can be bad for business and consumer confidence, so from that point of view, it is a relief that we avoided it and hopefully, we can build on this over the coming months.
“In Coventry and Warwickshire, business confidence has bucked the national trend but there is no doubt companies across our patch are facing multiple challenges.
Mr Crane added after speaking to businesses in the region, he found many were still struggling to recruit staff.
“Frustratingly they’d be looking to grow quite considerably if they could get the right people in.
“The challenges around inflation and energy costs are very well-documented and there is a glimmer of hope they might start to fall in the not-too-distant future.”
But, he added avoiding recession did not detract from issues facing Coventry and Warwickshire firms every day.
