The UK economy will “zig zag” in and out of growth this year, but avoid falling back into recession, according to the Governor of the Bank of England, Sir Mervyn King. In the Bank’s quarterly inflation report it predicted that the UK would grow by 1% this year before accelerating to 3% in 2013. However, King warned that the eurozone crisis remained a big risk to that growth and that there were was “no easy remedy” to the difficulties currently being experienced, including rising unemployment. King said that inflation, currently at 3.6%, was likely to fall to the targeted 2% by the end of the year, and be below target for much of the following two years. He said: “We can take some reassurance from the fact that inflation is now falling. But we are steering a course through choppy waters, and many people are experiencing difficult times. “The fiscal consolidation and tight credit conditions at home and the weakness of our major overseas trading partners are acting as a drag on growth. However, we are moving in the right direction.”