Five years after the collapse of Lehman Brothers almost tipped the global economy into the abyss, recovery has been slow and halting. Meanwhile the UK's 'Alice in Wongaland' economy has been coasting on easy money, its growth propelled by shopping sprees and property prices. It was a phrase which struck a chord in a year when many things were not quite what they seemed.
The UK was braced for a triple-dip recession in spring,but by summer even the double-dip
recession of 2011/12 has been pushed from headlines by statitistical updates. Growth accelerated,unemployment dropped.But many economists saw little to celebrate in a recovery driven by consumer spending and an overheating housing market. While the chancellor boasted of upward revisions to growth forecasts,the economy remains 2.5% smaller than its pre-recession peak.
Source: theguardian
The UK was braced for a triple-dip recession in spring,but by summer even the double-dip
recession of 2011/12 has been pushed from headlines by statitistical updates. Growth accelerated,unemployment dropped.But many economists saw little to celebrate in a recovery driven by consumer spending and an overheating housing market. While the chancellor boasted of upward revisions to growth forecasts,the economy remains 2.5% smaller than its pre-recession peak.
Source: theguardian
