My column published at the outset of 2015 made very depressing reading - the dismal economist at work.
Subsequently I have been reflecting as to whether the doom and gloom was overdone. On balance that looks not to be the case. Developments externally continue to point to major problems across the global economy; and these will have significant repercussions for the UK and Scotland. Our economies are slowing once more and it is difficult to see new sources of external or internal momentum.
We face a period of decelerating growth coupled with the potential onset of deflation. This should mean that interest rates will stay right where they are now way in to 2017 - good news for some.
However, the prospects for our external facing sectors are poor and consumer confidence will be constrained until real wage growth recovers towards historic levels. David Cameron's much vaunted 'long term economic plan' will not result in sustained, strong and balanced growth while the outside world remains in an increasingly weak and uncertain state.
The key actors in the international economic drama at present are Greece and China. Clearly the latter matters more for the global economy, but the developments in Greece are distinctly relevant to prospects in our major market place - the eurozone - so let us start there
Read more: Major problems persist in global economy | Herald Scotland
Subsequently I have been reflecting as to whether the doom and gloom was overdone. On balance that looks not to be the case. Developments externally continue to point to major problems across the global economy; and these will have significant repercussions for the UK and Scotland. Our economies are slowing once more and it is difficult to see new sources of external or internal momentum.
We face a period of decelerating growth coupled with the potential onset of deflation. This should mean that interest rates will stay right where they are now way in to 2017 - good news for some.
However, the prospects for our external facing sectors are poor and consumer confidence will be constrained until real wage growth recovers towards historic levels. David Cameron's much vaunted 'long term economic plan' will not result in sustained, strong and balanced growth while the outside world remains in an increasingly weak and uncertain state.
The key actors in the international economic drama at present are Greece and China. Clearly the latter matters more for the global economy, but the developments in Greece are distinctly relevant to prospects in our major market place - the eurozone - so let us start there
Read more: Major problems persist in global economy | Herald Scotland
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