This warning from Cap Gemini Sogeti regarding the British economy is ominous. The estimated loss of productivity rivals or exceeds the loss during the Great Depression.
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The millennium bug will cost British firms $38.4 billion, and a failure to convert computers by 2000 could put 29 percent of Britain's GDP (Gross Domestic Product) at risk, a computer company warned today. . . .
"Moreover, if the timetable to fix the millennium bug slips by just three months, one in four organizations will fail to meet the deadline, representing 37 percent of GDP," the group said in a statement. . . .
According to the survey, the retail, wholesale, and finance sectors have made the most progress toward conversion, completing 33 percent to 35 percent of work on critical applications. Manufacturing, transport, utilities, and the public sector lag behind, with work completed ranging from 28 percent to 25 percent.