anywebsite Posted March 29, 2012 Share Posted March 29, 2012 I thought they weren't predicting recession as they were saying the economy was going to go in and out of growth. That's not recession. Different people, that was the ONS, Bank of England, etc. Link to comment Share on other sites More sharing options...
Mister M Posted March 29, 2012 Share Posted March 29, 2012 To add to the ConDems woes, it has just been announced that the US economy grew by 3% in the last quarter of 2011 and is on track to do the same in the first. Link to comment Share on other sites More sharing options...
WeX Posted March 30, 2012 Share Posted March 30, 2012 Different people, that was the ONS, Bank of England, etc. I didn't think it matters on the people, the standard definition for an economic recession in the UK and US and therefore used by the rest of the world is 2 successive quarters of negative growth (or 6 months) and this has been the accepted definition since the 70's. If someone is trying to use the term in a different manner, we should be ask why are they doing this? Is it to score political points or to made a bigger deal of a relatively small news story? Link to comment Share on other sites More sharing options...
WeX Posted March 30, 2012 Share Posted March 30, 2012 To add to the ConDems woes, it has just been announced that the US economy grew by 3% in the last quarter of 2011 and is on track to do the same in the first. I didn't think the UK used annualised growth. so to compare the US's 3% annualised with our own non-annualised, is like comparing apples with oranges. Our none annualised growth was something like 0.3% while in the US it was 0.7% for the end of 2011. Its nothing to celebrate but less bad than comparing the wrong figures. Link to comment Share on other sites More sharing options...
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