The UK has been stuck in recession and is one of the last European economies to enter the recovery phase. Nobody can have been oblivious to this state of affairs. But how do we know that the economy is suffering? And can it all be blamed on the government of the day?
Measuring and monitoring the performance of an economy is crucial. Policy makers need to be aware of the path that the economy is taking and need to be able to design policy to improve performance — either to counter the effects of recession or to enhance the process of recovery, without running the danger of the economy overheating. It is no easy task to measure performance, partly because it has different dimensions, and partly because the process of measurement itself is fraught with difficulties.
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