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Bailey: Let's Not Get Carried Away With The 2021 Growth Recovery

BOE

Q: How do you characterise the 2021 growth number. Is it a natural arithmetic rebound, or does it have a character of being a self sustaining stable recovery?

  • A (Bailey): Given that there was such a large fall in output, it is good news that we are getting a recovery this year. However, lets not get carried away. It takes us back to end of this year to the level of output at the end of 2019 pre Covid. Two years of output growth will have been lost. This is a balanced message.

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