Today the government said that the recession was even deeper than previously feared. The Office for National Statistics showed that the decline in output was 6,4% in gross domestic product. Earlier they expected a decline of 6,2%.
These new numbers show that this recession was the deepest since the great depression in the 1930s. It was even deeper than the slump of the 80s.
Jeremy Cook, chief economist at World First showed that the recovery is only caused by the state and that consumers did not yet have a part in it.
http://www.guardian.co.uk/business/2010/jul/12/uk-recession-deeper-than-first-thought
My reaction:
The recession seems to be deeper and deeper every time I read something about it. Luckily it is not as worse as in the 1930s: back than a lot of people lost all their wealth and had to live in poverty. Nowadays numbers show that there are people who lost their jobs, but I personally know no one who is in financial problems because of the recession. That is why I always have the impression that it is not as bad as journalist tell us. However, that may be a bit short-sighted, looking at today’s graphics.
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