“LONDON — Did global output rise or fall last year?”
That’s the critical question asked by the New York Times today.
It follows my recent blog post, suggesting we shouldn’t ignore the fact that IMF data shows a record $3.8tn fall in global GDP last year, when measured in current dollars. The article goes on to quote my comment on the issue:
“Can one imagine what investors would say if Exxon Mobil announced that everything was fine in the oil industry, as their revenues were actually up if one calculated them in euros or rubles?” said Paul Hodges, chairman of International eChem, a London consulting firm. “Most people believe that the dollar value of global G.D.P. is a critically important indicator of the health of the global economy.”
You can click here to read the full report.