ONS Chief Economist Declaration: the Economy Debate is Counter-Productive

The chief economist of Office for National Statistics, Joe Grice has said that the counter-productive public debate about the economy has proved a hindrance. He commented when he came to know that the double-dip recession could be avoided. This fact was revealed based on the recent figures by ONS that says that the construction sector had received contracts lesser than what was estimated in the year 2012.

The Economy Debate

The present position shall be clarified when the statistics of the next month will come out. The analysts after revising the facts and figures were convinced that the overall economy had a narrow escape before falling into recession for the second time.

Mr. Grice has said that they are keeping a check on the statistics as soon as new facts are revealed. He has strongly blamed on the attention which was given over the talks relating to the double-dip and the triple-dip recession by the company. He also insisted by saying that it is important to see to the happenings to the broad trends in the economy during a specific period of time.

Mr. Grice further added that the company has witnessed growth since last two or three years and the percentage is only half percentage. The road was tough and the situation is very different from the year 2008. The ONS is scheduled to provide its final growth estimates in the month of June. To be in recession, the company will have to register negative growth for a couple of years.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Post Navigation