There are many forecasts of how well, or otherwise, our economy will do over the next year. However, as a rule these forecasts are not very good at providing a candid account of the uncertainty that is present. Most forecasters simply provide a point estimate for what they expect quarterly GDP growth to be in the next quarter or so.
Unfortunately, the margin of error around these forecasts (if revealed) would encompass the possibility of a spectacular boom or a fairly nasty recession. Let’s have a look at these below.Read more