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UK economy has not grown in 15 years - not an illusion what people feel
In his latest article, economist Jeffrey Snider highlights something politicians have been hiding - Most of the western European economies, including the UK, collapsed into stagnation 15 years ago. The 00 decade was the peak, 2007 for the UK.
Here is a chart for GDP 'Gross Domestic Product' UK 1960-2024:
https://www.macrotrends.net/countries/GBR/united-kingdom/gdp-gross-domestic-product
You can hold the cursor over a dot for the specific number for that year. UK 2007 GDP was $3,093 trillion, and then afterwards most every year just stagnation and struggle under that number. The one exception was a 2021 blip as lockdowns ended, to $3,122 trillion, but sinking again in 2022 to $3,070 trillion.
With millions more in UK population from migration, and some of the rich getting richer too, this lack of growth in 'GDP' Gross Domestic Product, means outright major suffering and decline for UK lower and middle classes, it is not just 'perception'.
There are a few economies in Western Europe that advanced some - Germany, riding the euro advantages to itself, along with Austria; and Belgium with its EU and NATO funds. But countries like Greece, Italy and Spain have been massively impoverished since 2008.
Europe once rivalled the USA in economic size; now it is far, far behind.
Snider's article focuses on Italy which peaked in 2008, but it's not altogether different for Britain.
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