Economic Recovery

The result for economic growth for the final quarter of 2009 has been eased up from 0.1 to 0.3. This is better than expected. It is, nevertheless, not good. Economists and commentators expect recovery to be slow and bumpy and quite a long road. I am sure they are right.

Unfortunately, as this blog loses no opportunity to proclaim, there has been no fundamental re-modeling of the economy and we are coming out of the recession by the same road as we went in. This will mean that the recovery will be like the one which lasted from 1945 to 1984. Bursts of boom but slipping all the time behind the countries whom once we had led. We need to think about that.