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> So seeing 8% y-o-y growth is unsurprising when your basis is an incredibly weak prior year. Yeah, a bit, but if the opposite had happened ("Vietnam's economy
by dmurray 4y ago
> So seeing 8% y-o-y growth is unsurprising when your basis is an incredibly weak prior year.
Yeah, a bit, but if the opposite had happened ("Vietnam's economy shrunk 1% in 2022, its worst recession in 25 years") one could also say "this is unsurprising, the rot started in 2021 where it only grew by 2.59% after years of 7%+ growth".
Knowing only the GDP numbers, I'd be more likely to predict the latter scenario: after all, the first thing to do in time-series forecasting is to predict tomorrow's weather will be the same as today's. Knowing a bit more - that there was a global pandemic in 2021 and restrictions mostly lifted in 2022 - might make me more likely to predict higher values. Knowing a bit more - that interest rates in the West have been hiked, there have been high profile tech layoffs, and everyone is harping on about a potential global recession - would make me think again of predicting a contraction. And once you know everything, nothing could be considered "surprising"!
- vasco 4y agoWhen "knowing a bit more" reverses the conclusion, and you can go several levels deep in the thought exercise, it's so satisfying.
- diceduckmonk 4y ago> one could also say "this is unsurprising Sure, but that still doesn’t make Vietnam’s 8% growth surprising either. We can agree it’s a high variance and unprecedented environment.