Longest recession since records began

You say "but" as though there were some contradiction there, but there isn't, because withstanding something and recovering from it are different things.

Withstanding it roughly means not sustaining much damage from it.

One could argue that being better placed to withstand it means it won't matter to us (as much as to the rest of Europe) if it takes us longer to recover.

"Tiddy Ogg" wrote

But even though their recessions may have been *shorter*, didn't their GDP **fall more** than the UK's has so far? [5.9% ?]

The trouble is that when nice Mr Brown made his "better placed than most to withstand..." claim, the 'it' was certainly not the recession.

'It' was the turbulence of the financial crisis.

And our still being in recession when most are emerging does arguably contradict Brown's claim.

Your having a laugh. Try measuring GDP using a common currency.

My *what* is having a laugh?

"Nick" wrote

Eh? A percentage is a percentage - it won't vary if you measure the quantity in a different currency!!

Of course it will. Unless you do something particularly stupid.

If you measure GDP in a common currency such as USD, which is how we really would compare two countries, the effect of the Euro's relative rise against GBP will have a large effect.

This is why we have seen the economies such as France and Italy overtaking the UK in terms of GDP.

"Nick" wrote

Do you mean we should measure 2008 GDP (for each country) in terms of 2008 USD, and 2009 GDP in terms of 2009 USD?

If so, then even that is not a "common currency" -- the USD changed from

Yes it will. If you measure 2007 GDP in Euros at ?1.50/£, and today's GDP at not far off ?1/£, it makes a big difference.

The USD doesn't change. Asset values may change relative to USD but USD doesn't change.

We would compare the 2008 GDP measured in USD in 2008 against 2009 GDP measured in USD in 2009, how else would you do it?

"Nick" wrote

Of course the currency changes - eg a trillion USD in 1900 was a very different beast to a trillion USD in 2000...

"Nick" wrote

In what way do you think it doesn't change? Are there the same number of USD around now as previously? - No! Can you exchange the same number of USD now for a widget as previously? - No.

"Nick" wrote

As I said, that's not a "common currency" then.

"Nick" wrote

I'm not the one trying to use a "common currency" - that's you.

"Jonathan Bryce" wrote

... and if you measure 2007 GDP in "apples" and today's GDP in "oranges", it'll also make a big difference. So what?!