As I suspect we’ll hear the claim today that the UK is somehow holding up well in the face of the global slowdown, here is a handy table showing why we the precise opposite is true and we are literally hit harder than any other OECD country.
| Real GDP growth 2007 | Real GDP growth – 2008 | Slowdown factor | ||
| 1 | United Kingdom | 3.1 | 1.7 | 44.9% |
| 2 | Ireland | 5.2 | 2.9 | 44.8% |
| 3 | New Zealand | 3.4 | 1.9 | 43% |
| 4 | Spain | 3.8 | 2.5 | 35% |
| 5 | Germany | 2.6 | 1.8 | 34% |
| 6 | Finland | 4.2 | 2.9 | 32% |
| 7 | Italy | 1.8 | 1.3 | 30% |
| 8 | Austria | 3.3 | 2.5 | 26% |
| 9 | Belgium | 2.6 | 1.9 | 25% |
| 10 | Switzerland | 2.7 | 2.0 | 25% |
Britain’s best politics newsletters
You get two free articles each week when you sign up to The Spectator’s emails.
Already a subscriber? Log in
Comments
Join the debate for just £1 a month
Be part of the conversation with other Spectator readers by getting your first three months for £3.
UNLOCK ACCESS Just £1 a monthAlready a subscriber? Log in