Sky News reports:
UK gross domestic product (GDP), a key economic measure of everything produced in the economy, is set to grow by 1.3% this year - up from a predicted 1% rise.
But who really cares about this when:
The influential global economics body also indicated UK households will face a sharper rise in inflation than previously forecast, which will remain higher for longer.
The inflation rate is claimed to be 3.1% but everyone in the UK knows this is nonsense as Council tax has risen by more than this and so has fuel (which is set to rise even more soon) as has the price of basic foodstuffs as anyone using a UK supermarket knows, so who makes up this number?
https://news.sky.com/story/bank-of-england-issues-stark-warning-on-energy-hit-ahead-13588828
Bank of England issues stark warning on energy price hike ahead after interest rate decision
The clear message from the Bank is that there is severe damage on the way unless the crisis in the Middle East can be resolved, Sky's Ed Conway writes.
Then there is the AI 'boost':
The IMF said an upward boost from the adoption of AI technology had helped many global economies grow this year.
What exactly does the adoption of AI technology mean:
- building new data centres that suck up power and water
- more people in the UK spending their money on AI that goes to US/Chinese AI companies
- laying off 'knowledge workers' that AI replaces
Or genuine productivity advances due to AI generating more money to circulate in the economy? This is not explained.
These headlines just look like meaningless fodder designed to make people feel happier about their lives getting worse.