GLASGOW, Scotland, Nov. 18 (UPI) -- A Scottish economics professor said the economy would recover slower in Scotland than the rest of Britain because of troubles in the financial sector.
Professor Brian Ashcroft of Strathclyde University said Scotland's gross domestic product fell 6 percent in the fiscal year ending June 30, while the British economy overall -- which entered a recession one quarter ahead of Scotland -- fell 5.8 percent in the five quarters that ended June 30.
Scottish Finance Secretary John Swinney said Tuesday recent data suggested "cautious optimism," for an economy that is still "fragile at this stage," the Glasgow Herald reported Wednesday.
Ashcroft said Scotland's slow recovery was "because of the nature of the recession -- the financial services crisis. There has been a significant cutback in financial services activity."
The university's Fraser of Allander Institute predicted the Scottish economy would grow 0.1 percent in 2010. In contrast, the International Monetary Fund forecast 0.9 percent growth for Britain overall.
