Wednesday 18 October 2017

Now it's time to build on what we've got rather than lament what we lost

It is still possible to take comfort from the economy

THE Central Bank, including its regulatory arm, has been doing lots of strange things in the last few years, as we all know. But trying to cheer us up? Now, that is unusual.

Yet there it is, in last week's quarterly report. Look on the bright side, it seems to say. Even after this shocking depression, which it estimates will cut national income by 16pc in real terms, it is possible to take comfort from the state of the economy.

As somebody who once wrote that developed economies contract only by small amounts, in brief interruptions to their steady long-term growth, I am all for anything which strike a cheery note.

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