I keep reading in the papers etc about "Bad - deep recession" -- or how economy (or G.D.P ) will probably slip back / shrink 1.8% or whatever next year.
However that's STILL around 11% HIGHER than it was 6 years ago -- andI can't think of a single country where the population has grown by 11% in 6 years.
So what gives here.
Please can a seasoned eceonmist tell and old fashioned Engineer that 11% - 1.8 % which equates to an overall increase of 9.2% G.D.P is actually a SEVERE RECESSION.
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Apart from Youth unemployment which we all know is still a BIG BIG problem please can someone tell me how we can be in a HUGE RECESSION / depression when the economy is still STREETS ahead of where it was 6 years ago.
(Inflation is another issue entirely -- if you haven't had pay rises matching the rise in Fuel / food etc you will be feeling the pinch but that doesn't actually equate to a country in RECESSION or DEPRESSION even though for the individuals concerned it's not in a nice state to be in.).