New thinking and new ideas from New Economy

This is a space for new thinking about the Greater Manchester economy – its interactions with society, culture and the environment and its place on local, national and international stages. Here you’ll find information about New Economy seminars and workshops along with updates and briefings on new and emerging issues of interest to both the public and policy specialists alike.

LATEST BRIEFING

BRIEFING 22:
Is this recession different? (551kb)

There have been six major recessions in the UK since the turn of the twentieth century. A key question relates to whether, like previous recessions, this is a structural recession, or a cyclical one. A cyclical recession is where the regular downturn in the business cycle hits a particular low. A structural recession is a more fundamental disconnect between supply and demand in the economy, leading to stagnation and a lack of economic growth. The current recession in Greater Manchester (GM), like those previous, was caused by structural factors rather than a cyclical downturn. However, the structural shift in employment – essentially from public sector services to private sector services – is much less severe than the wholesale shift from manufacturing to services experienced in previous recessions. In addition, while the length and depth of the shock to GDP has been more severe, unemployment has not risen at a comparable rate. This paper looks in further detail at some of the differences between this recession and previous downturns and the reasons for a lower than expected growth in unemployment.

RELEASE DATE: APRIL 2012

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For more information about the thinking: new economy briefings, contact Hannah Brighton on 0161 237 4079. Alternatively, email Hannah Brighton.