A year of rebuilding and economic recovery headline extended please

Professor Frank Peck argues that despite many challenges, Cumbria has unique assets upon which to build in 2022. In January 2021, economic forecasts for the year ahead varied considerably. Pessimists predicted further economic decline, while optimists suggested growth could be as high as 6%. We now know that the optimists got it right, as the latest forecasts for 2021 suggest growth of around 7%. Looking ahead to 2022, forecasts are much less wide-ranging (between 3.5% to 8%) and averaging 5%. Most analysts point out, however, that the recovery will be faltering (see, for instance, National Institute for Economic and Social Research, UK Economic Outlook, Autumn 2021).