4 ms·
GDP per capita growth [1] has been more or less flat since 2008. The time of the GFC. I think people are starting to forget what productivity growth even feels
by nickdothutton 2y ago
GDP per capita growth [1] has been more or less flat since 2008. The time of the GFC. I think people are starting to forget what productivity growth even feels like it has been so long. Subsequent governments set immigration to infinity to make GDP go up, but this has further exposed the fact that per-capita it is flat.
[1] https://www.macrotrends.net/global-metrics/countries/gbr/united-kingdom/gdp-per-capita https://www.macrotrends.net/global-metrics/countries/gbr/uni...
- gadders 2y agoI remember when Tony Blair was elected and Gordon Brown proudly proclaimed "An end to boom and bust economics". I don't think many people realised this would be continuous bust with no boom ever.
- optimalsolver 2y agoSo the graph there shows a huge jump in GDP per capita after Labour took power and opened up the UK to mass immigration in 1997. Am I reading this info right?
- FredPret 2y agoCheck out these numbers: GDP per capita for the US, EU, and some others: https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2023&locations=EU-US-CN-IN-CA&start=1969 https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2023... The US was & is ahead per capita but you can see the EU and Canada taking a big hit in 2008 and going sideways after that. Here's full GDP. It tells a different story due to the EU's larger population. There have been several occasions where it actually had a larger economy than the US; but every time it seems to hit a roadblock and go sideways for a decade (1980, 1995, 2008): https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2023&locations=EU-US-CN-IN-CA&start=1969 https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2023...