Who gets the prize? It’s Italy, the ninth largest economy in the world. Italy’s real GDP in Q3 2103 was some 9% below where it was at the end of 2007. And the next worst is the UK, now 1.3% down (Q4 2013). But which country’s workers have suffered the most in lost incomes and jobs since 2007? The prize goes to the UK, the 6th largest, with a combined loss of over 7%.
The UK’s Office for National Statistics (ONS) has just published data on the impact of the Great Recession on the major capitalist economies and the degree of recovery in their economies since the end of the GR in 2009. It is very revealing about which major economy was hit the most and which has made the best or worst recovery, along with prospects for sustainable growth to the end of this decade.
What the comparative…
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