As I have discussed before on GoodUKNews, statistics, particularly those that have small variations of 0.1% from sources which can be influenced by other variables, can not be looked at in the short-term with any confidence.
This week we see evidence of this with the Economic Review, May 2013 completed by the ONS. In this review, a long-term view of the statistics raises doubt that we have been through a double dip recession, and says”… the trend during this latest period is therefore best described as one that is flat or at best gently rising…”
The damage to growth that was caused to public confidence when all we heard about was “double dip” or impending “triple dip” recession is difficult to estimate, but it will have had an impact. People will stop making longer term commitments for the fear of the future and this will cause economic damage. Banks will challenge financial decisions and companies will go bust, companies will scale back investments or recruitment, stock markets be impacted and people will feel unmotivated.
Clearly the economy is not growing at a high enough rate and more needs to be done to stimulate growth particularly in manufacturing and construction. The report also shows new construction work in the private sector (including infrastructure) has fallen by 26.8% when compared to its 2008 pre-recession peak.
The messages in the news need to be balanced, it is demotivating when all we here is the voice of doom. The country does have a large debt, growth is low but things are slowly improving.
The focus should be on eliminating waste, in government, at home or at work. Eliminating wasted energy, materials or work will make our products competitive around the world and this will generate growth.
The future is bright.