The economic slump is likely to last for another one or two years, according to the executive chairman of business networking site Talkbiznow.com, Mark Parker.

Mark Parker said the downturn is “not over and done with” and claimed that 2009 is likely to be a “tough year” for the UK. I think we will see ourselves almost at the bottom of the trough as we go through 2009.”

However, he said there will “hopefully” be some improvement in 2010 as the economy begins to recover and move back into positive growth territory. Indeed, he said the actions being taken by the Government and the Bank of England (BoE) will only help the situation going forward.

Figures from the Office for National Statistics (ONS) showed that the UK economy shrank by -0.6% during the third quarter of 2008.