The economic upswing that began in 2009 is now the second-longest on record, surpassed only by the 1991-2001 boom. But it has been historically lacklustre, a reminder that shaking off the hangover from a 1930s-style financial crisis is tougher than bouncing back from a recession caused by overheating and high interest rates the post-war pattern until the crisis. In the 1960s average annual GDP growth was 4.9%, compared with 2.2% this time round. Employment has expanded by a mere 1.4% a year, half the 1980s figure. Income growth, due to the slow rebound and ongoing automation in the internet age, has barely got going this time round.
Viewpoint
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