A recession is defined as two successive quarters of negative GDP; a depression is defined as a slide in peak-to-trough of real GDP of 10% or a decline lasting more than three years. According to Mervyn King, Head of the Bank of England, the UK ‘recession’ is much deeper than anticipated. GDP might drop by [...]
Tag Archives: UK economy
Inflation may be marginally less depressing than deflation . . . .
January 30, 2009 – 12:01 am
. . . . . . but that’s hardly a reason to be cheerful. And deflation might dampen wasteful consumerism. By Peter West There’s only one thing worse than inflation, and that’s deflation. Inflation got a bad name for itself in the seventies, but just recently when it has looked like being replaced by its satanic [...]