Advanced estimates of the UK first-quarter [B]Gross Domestic Product[/B] are set to show that the economy shrank -1.6% to bring the annual pace of decline to a whopping -3.8%, the worst result in nearly 28 years. NIESR, a think tank, has said the economy could “continue to decline for up to another year” while the International Monetary Fund revised down their UK economic growth projections by -1.3%, calling for the economy to shed -4.1% through 2009. Signs of deepening recession weighed heavily on the British Pound earlier this week as the unemployment rate rose the highest in over a decade, pushing the currency’s average value down -1.5% against major counterparts. If this pattern is to continue, sterling could see heavy selling in the coming session.