October 27, 2001	Saturday	Shaba'an 9, 1422

LONDON, Oct 26: Britain’s economy is set to be the best performer amongst the world’s richest nations this year, following news on Friday that it grew by a much faster than expected 0.6 per cent in the third quarter of 2001.

However, economists still predict the Bank of England will cut interest rates again before the end of the year, as the economy will not prove wholly immune from the global downturn, made worse by last month’s attacks on the United States.

But news that the economy powered ahead by a provisional 0.6 per cent in the third quarter, mainly due to a robust services sector, backed up forecasts that Britain is well-placed to withstand the storm clouds gathering over the world economy, and should outperform the rest of the Group of Seven industrialized countries this year.

Global fund managers polled by Reuters have already said they are ploughing cash into UK stocks and bonds on hopes that Britain will escape the worst of the current downturn.—Reuters