Monday, April 30, 2012

The UK's double dip?

Much ado was made last week about a second straight quarter of contracting GDP in the United Kingdom, and Paul Krugman's blog pointed in the direction of a helpful writeup by the UK statistical office. Krugman reprints their shocking graphic showing the rebound is more sluggish than was the UK's emergence from the Great Depression. Frightening stuff, but the UK was also relatively less battered by the Depression than the U.S.