DOUBLE DIP – EVIDENCE SUGGESTS NOT

My favourite chart, because it summarises the entire world economy in one line, shows remarkably how we:

• held growth steady at more than 4% up to the end of 2007
• fell off a cliff to worse than a 2% downturn at the beginning of 2009
• and have now recovered back above 4% growth in the second quarter of 2010.

So far, so much better than many would have imagined.