Britain had the highest per-capita rise in GDP in the G7 since Labour came to power. But critics are calling for an end to "unsustainable" growth.
As the economy emerged from recession, figures from the IMF – including data for 2009 – show that since 1997, Britain has had the highest per-capita rise in GDP in the G7. But critics are calling for an end to “unsustainable” growth.
As the chart below shows, Britain’s GDP per per capita rose 21 per cent since 1997, with GDP overall rising 28 per cent, behind only Canada (35 per cent) and the US (31 per cent).
The growth in GDP was responsible for creating millions of jobs, providing a better standard of living for a decade, and mending the broken public services infrastructure. Although some, including James Purnell, have pointed out that, “GDP had been artificially inflated by the housing and financial bubble.”
A new campaign by the New Economic Foundation is arguing that “indefinite global economic growth is unsustainable” while campaign group 38 degrees are calling for an end to the “fixation” with economic growth.
A new website and YouTube video, The Impossible Hamster, has been set up to promote the campaign.
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