A personal view from Ian Stewart, Deloitte’s Chief Economist in the UK.
Recessions and shocks change the structure of the economy, accelerating the adoption of technology and new ways of working. Shrinkage in some sectors is accompanied by growth in others. The ‘K-shaped’ recovery is not new.
In the wake of the Great Depression, for instance, came acute distress in heavy manufacturing, shipbuilding and coal mining – along with rapid growth in car making, aerospace, consumer goods and new materials, such as rayon and plastics.After the stagflation and economic dislocation of the 1970s came a decline in manufacturing and public […]
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