Economy & Business - January 2011 (ISSN 1741-7430)

On paper the economic outlook does not look too bad. Real annual GDP growth in 2010 was at least 5% and the private sector is expecting another 3.5% in 2011, even though the government hopes for 3.9% and JP Morgan is forecasting 4.5%. Bullishly, the economy created 732,000 (social security paying) new jobs in 2010: the most it has managed for a decade. The problem is that when these achievements are put into context they dwindle into insignificance. The recovery in GDP comes after the 6.5% decline in 2009.