Whither Ritchie’s macroeconomic forecasts?

Britain’s economy is growing faster than those of every other major developed country, the International Monetary Fund has disclosed.

In a vindication of George Osborne’s economic plan, the IMF upgraded its forecast for UK growth to 3.2 per cent this year and 2.7 per cent in 2015.

The upward revision of 0.4 percentage points in 2014 and 0.2 percentage points in 2015 from the last forecast in April was the largest upgrade of any major western economy for both years. Britain is expected to grow faster than countries including America, Germany, France and Canada.


Hmm
. Of course this really proves that we need higher taxes like France does. No doubt about it at all, eh?

11 comments on “Whither Ritchie’s macroeconomic forecasts?

  1. His stockmarket forecasts are equally amiss. He’s been saying the FTSE is out of kilter with the “real” economy (as he sees it) and due a major crash for over a year now.

  2. ^^^^^^^

    Not an uncommon prediction amongst certain types — if you repeat it often enough its bound to happen sooner or later, and then you can smugly bask in the ‘well I did tell you’ glow.

    My old man, for some unfathomable reason, is fond of watching Max Keiser – the excitable american chap who spouts piffle on Russia Today — who out-Ritchies Ritchie on this subject.

  3. Given how shaky economic facts are, it seems daft to make a fuss about economic forecasts.

  4. Every day we get a revised economic forecast for some place from some institution.

    At the end of the year it turns out that all the forecasts, especially the revised ones, were wrong.

    I’m convinced institutional economists are little more than overpaid tea-leaf readers.

  5. I pointed out to Ritchie that his post “There’s nothing to celebrate about returning to 2008′s GDP: almost all of us are worse off still” should be retitled “almost all of you are worse off still” since his income is 50% higher since then.

  6. “Shinsei1967
    [Murphy’s] stockmarket forecasts are equally amiss. He’s been saying the FTSE is out of kilter with the “real” economy (as he sees it) and due a major crash for over a year now.”

    Ages ago, someone pointed out to Murphy that he had “predicted ten of the last two stock market crashes”.

    I don’t think Murphy got it.

  7. Let us not forget that this genius, despite himself being a dual national, thinks that living in a country other than that of your citizenship is tax avoidance, depriving the exchequor of revenue.

    So it is unsurprising that his gargantuan intelligence is capable of insights such as those highlighted by our esteemed host.

  8. “There’s nothing to celebrate about returning to 2008′s GDP: almost all of us are worse off still” Ritchie

    Really ? Average earnings are down in real terms but those in jobs and with mortgages are probably better off (house price inflation and cost of mortgage has collapsed). Pensioners income has kept up with inflation and pension pots would have benefited from the rise in bond and equity prices.

  9. Shinsei>

    Yes, but look at how his lot gained power in the
    thirties. Economic hardship is key to building support for extremism.

  10. Noel Scoper – funnily enough, he deleted your comment! is that based on his Tax Research LLP accounts?

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