Friday, May 10, 2013

Recession and Recovery in the OECD

This from Macleans. Everyone else in the world knows Australia has done better than any other developed country after the global crisis, just not the right-wing ideologues like Judith Sloan, Adam Creighton and virtually everyone else at The Australian, who it seems are immune to statistical information and analysis related to events. 

To work out the relevance of location on the graph you need to know that being in the top right corner is a good thing because it means that the downturn in Australia was not very deep, initially because of Rudd government fiscal policy and Reserve Bank monetary policy and subsequently because of continuing demand from China.

The vertical axis measures the depth of economic downturn and the horizontal axis measures the strength of recovery from the pre-crisis peak of each country.

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