The recent debate about whether or not the economy will enter a recession reminds me of the old joke about two economists in a room coming up with three opinions.
Earlier this week the International Monetary Fund said there will be a recession. On Thursday, the Chancellor said that “we are set to avoid recession”. That’s two opinions. The third comes from the Bank of England. It isn’t sure. Back in February it was forecasting a recession. But it recently revised up its forecast. We won’t know for sure where it stands until its new forecasts are published in full in May. None of this paints economists in a good light.
