It gets worse: Osborne’s ‘recovery’ is twice as slow as the slowest recovery on record
Looking at GDP per head, the UK economy grew by 5% between 2009 and 2014. Previously, the slowest recovery on a per head basis was from 1886 to 1901, when the economy grew by 10%: twice as fast.
The average recovery speed over five years for previous major recessions is 13.7%, pretty much three times as fast as the present ‘recovery’.
Strikingly, in the recovery from the great depression, GDP per head grew by 21%, an annual rate of 4% against Osborne’s 1%.
Indices of GDP per head over economic recoveries from the 1830s to today:
The figures update the previous post on GDP recoveries onto a per head basis as suggested by Howard Reed. ONS population data extent on an annual basis for the UK to 1851 (here), and for England and Wales to 1838 (here; which were used for the 1842 recovery). I have projected population growth of 0.66% into 2014 on the basis of the 2012 population projections. Note that two of the recoveries start a year later on a per head basis (1886 and 1932).
What factor can possibly explain why any recovery today must be so much slower than all others, no least given the vast technological gains and apparent wider economic advance over these two centuries? The figures demand serious questions of the strategy of the government and other policymakers.