UK chief economic adviser predicts bright future
Gerard Lyons, chief economic adviser to London Mayor Boris Johnson, is positive about the future of the UK economy and has predicted 4% growth in 2014. Lyons believes that Britain’s economic recovery is well on the way after a surge in activity worldwide.
Previously chief economist at Standard Chartered, Lyons’s 4% growth forecast for this year is significantly higher than other growth predictions, with the International Monetary Fund and the Office for Budget Responsibility expecting a more modest 2.4% expansion.
Lyons’ forecast is based on a report from the OECD which published predictions that the British economy would outperform all other G7 nations in economic recovery over the first half of this year. It also estimated that the country’s annual growth rate in the first and second quarters of 2014 would be 3.3%, exceeding the 2-2.2% rates for other G7 nations.
The recovery of the world economy over the next twenty years has been likened to that following the Second World War, when economic growth boomed, particularly in Japan. An average growth rate of 5% per annum in the late 1940’s and 1950’s is similar to the expected growth trends in the next few years, and this time it is China who is emerging as a global economic power.
All of this makes for a bright economic future and is a positive start to the end of the global economic recession.