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Britain stands 7th in G8 post-crash recovery league table (only Italy is worse off)

July 25, 2012 3:49 pm

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The following table shows the difference in GDP now from the pre-recession peak in each of the G8 countries (figures from the Commons Library). By that score – we’re 7th, only beaten by Italy.

Other economies are growing and thriving again post-crash. We’re still sinking like a stone…

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  • Topper

    From a Coalition point of view the glass isn’t so much 3/4 empty as 1/4 full… 

  • hp

    Expect 3 more years of economic bad news.
    There really isn’t anything that can be done about it.
    I think the penny is finally dropping that we can’t grow the economy on a sham.
    The bigger the bubble, the bigger the collapse when it bursts.

    • Topper

      Three more years of bad news, eh? Well, that’s certainly “bad news” as far as a Tory majority goes the next general election being no more than 124 weeks away and all that. 

  • Chilbaldi

    It would be useful (and a counter to any Tory argument) if we could have stats comparing the austerity approach to what would have possibly happened with a different approach, and how much of this is down to Labour’s handling of the finances in the previous decade.

    • hp

      By ‘a different approach’ do you mean more debt?
      We are running a deficit, i.e. still increasing the debt, and it has not stopped the recession.
      It is worth remembering that this recession has happened after 10 yrs of continual debt-building.  Are we sure more debt going to make things better now?  It is clear that the previous 10 years of debt growth didn’t put the economy in a strong position.

      • Chris

         To simplify things can I suggest that you read “End this depression NOW” by Paul Krugman. It is American biased in the detail but deals with the UK and Europe. But put simply the economy cannot grow when the consumers confidence is shot to pieces and the government has cut back both in terms of capital spending and the employment opportunities it offers. The former impacts on business confidence as demand decreases and the latter reduces demand amongst consumers. Result is a double squeeze on the economy and the falls we have seen.
        The way to reduce the defecit is also dealt with by increasing tax take from closing loopholes, keeping unemployment low ( and also benefits spending by this means) and inflation!

  • http://twitter.com/RF_McCarthy Roger McCarthy

    This is classic apples and oranges – could there really be 8 more different economies than the ones on that graph?

    It is well worth asking what it is that Canada has been doing though (although their having lots of oil and other natural resources meant that they were going to have it easier anyway).

    They had an expansionary recovery plan in 2009 despite their government being conservatives – how has that actually worked out?

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