"My sense is that we are going to remain at these sort of lows, " said Bernard Baumohl, managing director of The Economic Outlook Group.

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In its half-yearly economic outlook, the group expects its member countries' economies to shrink by 4.1% this year, while government efforts stand in the way of further declines.

FORBES: Markets Brief

The group blamed the weak UK economy, uncertainty over the global economic outlook and a delay in fulfilling an order for 1, 000 taxis from Azerbaijan.

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