The past week has seen the publication of disappointing Q1 GDP data for both the US and the UK. On the surface, this seems worrying, since these two economies have always been the most vulnerable to double dip recessions, because of their exposure to housing and their bloated financial sectors. In both economies, the slowing GDP figures have led to calls for further fiscal or monetary stimulus. However, the official GDP statistics are probably exaggerating the extent to which the economies have in fact slowed down since the beginning of 2011. Read more
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